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Sep 30, 2024
Consolidated Water Q3 2024 Earnings Report
Consolidated Water's revenue and profitability decreased due to the completion of two large construction projects in early 2024, offset by growth in retail and bulk revenues and progress in the Hawaii desalination plant project.
Key Takeaways
Consolidated Water Co. Ltd. reported a 33% decrease in total revenue to $33.4 million for the third quarter of 2024, primarily due to the completion of two major construction projects. This decline was partially offset by increases in retail and bulk revenue. Net income attributable to company stockholders was $4.5 million, or $0.28 per diluted share, compared to $8.6 million, or $0.54 per diluted share, in the same period last year.
Total revenue declined 33% to $33.4 million due to completion of large construction projects.
Retail revenue increased 5% to $7.6 million on higher sales volumes.
Net income from continuing operations attributable to company stockholders totaled $5.0 million or $0.31 per diluted share.
Company is progressing on $147 million design-build-operate desalination plant project in Hawaii.
Consolidated Water
Consolidated Water
Consolidated Water Revenue by Segment
Revenue by Segment
Retail Revenue
CapyFin.comServices Revenue
CapyFin.comManufacturing Revenue
CapyFin.com Forward Guidance
Consolidated Water anticipates continued support for long-term growth, enhanced future profitability, and further strengthened shareholder value as they complete 2024 and prepare for the new year.
Positive Outlook
- Strong water sales growth in Grand Cayman.
- Long-term recurring revenue from Caribbean-based bulk water business.
- Long-term recurring revenue from U.S.-based O&M business.
- Manufacturing business continues its positive trend.
- Desalination plant project in Hawaii is expected to significantly enhance revenue and earnings over the coming years.
Challenges Ahead
- Completion of two large design-build projects earlier in the year.
- Reduction in construction revenue related to the conclusion of Liberty Utilities and Red Gate II projects.
- Small decline in manufacturing revenue this quarter.
- Between large construction projects.
- Negotiations with the Cayman government regarding a new retail license agreement.
Revenue & Expenses
Visualization of income flow from segment revenue to net income