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Feb 29, 2024
Pure Cycle Q2 2024 Earnings Report
Estimated Revenue:$NaN
Estimated EPS:$NaN
Key Takeaways
Pure Cycle Corporation reported financial results for the three months ended February 29, 2024, posting its nineteenth consecutive fiscal quarter with positive net income. The company saw a 25% increase in water and wastewater revenue compared to the same period last year.
Revenues for the quarter were $3.2 million, driving pre-tax income of $0.2 million.
Net income for the quarter was $0.1 million.
EBITDA for the quarter was $0.8 million.
Cash totaled $20.4 million at the end of the quarter.
Pure Cycle
Pure Cycle
Forward Guidance
The company anticipates accelerated lot deliveries in the remaining half of the fiscal year, with the completion of approximately 211 lots in Phase 2B and substantial progress on the production of 228 lots in Phase 2C. Continued strong demand is expected for oil and gas water sales through 2024.
Positive Outlook
- Continued success of Sky Ranch Master Planned Community.
- Three phases of lot development are now under construction.
- Accelerated timing of delivering lots to home builder customers and single-family rental segment.
- Completion of approximately 211 lots in Phase 2B is expected.
- Substantial progress on the overlapping production of 228 lots in Phase 2C is anticipated.
Challenges Ahead
- Home mortgage interest rates impacting housing market and home sales.
- Inflation impacting housing market and home sales.
- Timing of construction in Sky Ranch for Phase 2B.
- Not reaching a certain milestone in the development of Phase 2C to begin revenue recognition.
- Lot sale revenue is recognized as construction progresses, revenue will fluctuate due to timing of construction activities.
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Key Statistics
Market Cap
$243M
P/E Ratio
19.72
Sector
Utilities
Industry
Water Utilities
52-Week High
$14.5
52-Week Low
$9.7
Water delivered
404