The following is a summary of the Consolidated Water Co. Ltd. (CWCO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Consolidated Water's 2023 revenue soared to over $180 million with a gross profit of almost $62 million.

• The company experienced improved gross margins in the Services segment, owing to effective cost management on the construction of a water recycling plant.

• Revenue significantly increased by $69.1 million in the Services segment and showed an increase across all business segments.

• A surge in water sales by 15%, driven by increased tourism in Grand Cayman, resulted in increased revenue for the Retail segment.

• Consolidated Water reported net income from continuing operations of $30.7 million ($1.93 per share) for the year 2023, quite a rise from the previous year net of $8.2 million ($0.54 per share).

• Cash and equivalents totaled $42.6 million at year-end 2023 while working capital reached $88.8 million.

• About $5.5 million was disbursed as dividends in 2023 along with an additional $1.6 million in the first quarter of 2024.

Business Progress:

• Consolidated Water expanded its U.S. operations through the acquisition of Ramey Environmental Compliance, a company specializing in operating and maintaining water and wastewater treatment plants.

• The company successfully managed and completed the construction of a $81 million water recycling plant for Liberty Utilities in Arizona, one which significantly increased their services segment revenue.

• In Q4, Consolidated Water initiated site investigations, engineering, permitting, and public outreach in preparation for a 1.7 MGD Seawater Desalination Plant project in Oahu, Hawaii.

• Progress was made in their US desalination business with the startup of the seawater desalination and post-treatment pilot plant installations.

• Consolidated Water acquired the remainder of PERC, thereby leading to further operational growth while simultaneously pursuing new growth opportunities.

• In Grand Cayman, the company commenced operations of West Bay 2, a new retail water utilities one million-gallon per day seawater reverse osmosis plant.

• Consolidated Water endeavors to boost future growth, as demonstrated by recent advancements and the upcoming year's outlook especially with strategic initiatives lined up for their O&M business.

• The company has an ongoing arbitration process for resolving the issue in Mexico and a pipeline of bid activity.

• Smaller upgrade and replacement projects are being pursued, while larger and more meaningful projects ranging from $30 million to $40 million are expected to cycle through in about a year's time.

More details: Consolidated Water IR

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