In This Article:
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Revenue: $134 million in 2024, down from $180 million in 2023.
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Retail Revenue: Increased by $1.6 million to $31.7 million due to a 4.5% increase in water volume sold.
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Bulk Segment Revenue: Declined from $34.6 million in 2023 to $33.7 million in 2024.
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Services Revenue: Decreased from $77.3 million in 2023 to $17.6 million in 2024.
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O&M Contracts Revenue: Increased by 51% to $29.3 million in 2024.
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Manufacturing Segment Revenue: Increased slightly to $17.6 million.
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Gross Profit: $45.6 million or 34% of total revenue in 2024, compared to $61.9 million or 34% in 2023.
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Net Income from Continuing Operations: $17.9 million or $1.12 per diluted share in 2024, compared to $30.7 million or $1.93 per diluted share in 2023.
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Net Income Including Discontinued Operations: $28.2 million or $1.77 per diluted share in 2024, compared to $29.6 million or $1.86 per diluted share in 2023.
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Cash Equivalents: Increased by $57 million to $99.4 million.
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Working Capital: Increased by $44 million to $132.8 million.
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Stockholders' Equity: $210 million.
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Capital Expenditures for 2025: Approximately $10.3 million.
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Dividends Paid: Approximately $6.3 million.
Release Date: March 18, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Consolidated Water Co Ltd (NASDAQ:CWCO) reported strong retail water sales and a record volume of water sold in Grand Cayman, driven by population and business growth.
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The company successfully completed two major design-build projects early in the year, contributing to expected revenue and operating income.
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Recurring revenue from operations and maintenance contracts increased significantly, with a 51% rise over the previous year.
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The acquisition of the REC subsidiary in Colorado provided a new channel for business expansion into water-stressed regions.
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The Hawaii seawater desalination project is advancing, with construction expected to begin next year, potentially boosting revenue and earnings in 2026 and 2027.
Negative Points
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Overall revenue decreased from $180 million in 2023 to $134 million in 2024, primarily due to a decline in service segment revenue.
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Net income from continuing operations attributable to shareholders dropped from $30.7 million in 2023 to $17.9 million in 2024.
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The Bahamas business experienced a revenue decline due to reduced energy pass-through charges, impacting overall financial performance.
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Construction revenue and services saw a significant decline due to the completion of major projects, affecting total revenue.
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The Hawaii project faced delays not caused by the company, pushing the expected construction start to the following year.