The following is a summary of the Consolidated Water Co. Ltd. (CWCO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Consolidated Water reported a 21% increase in Q1 2024 revenue to $39.7 million, with growth in three out of four business segments.
The services segment recorded a 37% increase in revenue, largely due to the recently acquired Ramey Environmental Compliance (REC) and higher design-build revenues.
The company reported a net income of $6.5 million or $0.40 per diluted share, up from $3.8 million, or 24% per diluted share in Q1 2023.
Gross profit for Q1 2024 was $13.9 million, or 35% of the total revenue, representing a 31% increase from Q1 2023.
Business Progress:
Significant progress has been recorded with their Hawaii project with the installation and commissioning of a pilot plant for the full-scale seawater desalination project.
The subsidiary, PERC, is shown to be experiencing growth, with an expanding presence in the southwestern U.S.
Positive results were recorded from the recently acquired REC, showing growth in water treatment plant operation in the western US.
Operational and maintenance contract bids provide ongoing opportunities for the company.
Rather than pursuing further acquisitions, the focus is on growing the REC business and integrating it into Consolidated Water group.
The company expects to see continued success in obtaining further projects into 2025, particularly in the western U.S. and the Caribbean.
More details: Consolidated Water IR
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