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Jun 30, 2024
Consolidated Water Q2 2024 Earnings Report
Consolidated Water's results for Q2 2024 were reported, showing a decline in total revenue but an increase in retail revenue and net income due to a gain on the sale of land and documentation related to a discontinued project in Mexico.
Key Takeaways
Consolidated Water Co. Ltd. reported a decrease in total revenue by 27% to $32.5 million for Q2 2024. However, net income attributable to company stockholders increased to $15.9 million, or $0.99 per diluted share, compared to $7.3 million, or $0.46 per diluted share, in the same period last year, driven by a $12.1 million gain from the sale of a discontinued project in Mexico. Retail revenue saw an increase, while services revenue declined due to lower construction revenue.
Total revenue decreased by 27% to $32.5 million.
Retail revenue increased by 8% to $8.2 million due to higher sales volumes.
Net income from continuing operations attributable to company stockholders was $4.2 million, or $0.26 per diluted share.
Net income including discontinued operations attributable to company stockholders totaled $15.9 million, or $0.99 per diluted share, which included a $12.1 million gain from the sale of land and documentation related to a discontinued project in Mexico.
Revenue by Segment
Forward Guidance
Consolidated Water anticipates long-term growth driven by strong water sales, recurring revenues from the Caribbean and U.S. businesses, stabilized manufacturing earnings, and the $147 million design-build-operate project in Hawaii. The company plans to invest in new projects, including desalination plants in the Bahamas, and sees the market for design-build projects continuing to grow.
Positive Outlook
- Consistent strong water sales growth in Grand Cayman.
- Long-term recurring revenues from Caribbean-based bulk water and U.S.-based O&M businesses.
- Stabilized manufacturing revenue and earnings.
- Anticipated revenue and earnings from the $147 million design-build-operate project in Hawaii.
- Master design-build service agreements signed with two major national clients.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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