PHOENIX, April 23, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ:GWRS), a pure-play water resource management company, has received approval from the Arizona Corporation Commission (ACC) to establish new water rates for its Global Water - Farmers Water Company, Inc. (GW-Farmers) utility located in Pima County, Arizona. The approved new rates are expected to result in an approximately $1.1 million increase in annual revenue based on 2023 test-year service connections. GW-Farmers will implemen ...

Core Viewpoint - Global Water Resources, Inc. will hold a conference call on May 15, 2025, to discuss its first-quarter financial results for the period ending March 31, 2025 [1] Company Overview - Global Water Resources, Inc. is a leading water resource management company that operates 32 systems providing water, wastewater, and recycled water services, primarily in growth corridors around metropolitan Phoenix and Tucson [3] - The company recycles over 1 billion gallons of water annually, totaling 17.7 billion gallons recycled since 2004 [3] Total Water Management (TWM) - The company has effectively implemented Total Water Management (TWM), an integrated approach to managing the entire water cycle, which maximizes the beneficial use of recycled water [4] - TWM enables smart water management programs, including remote metering infrastructure and advanced technologies, leading to real conservation and protection of water supplies in water-scarce areas [4] Industry Recognition - Global Water has received numerous awards, including national recognition as a 'Utility of the Future Today' for its superior water reuse practices [5] - The company also received the Excellence in Departmental Practice Award from Cityworks for demonstrating leadership in public asset management strategies [5]

PHOENIX, March 27, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure- play water resource management company, today announced that it completed a public offering of 3,220,000 shares of its common stock at a previously disclosed price of $10.00 per share, which includes 420,000 shares issued and sold to the underwriters who exercised in full the option to purchase additional shares of common stock. Certain existing stockholders, including certain directors and/or their affiliates, ...

PHOENIX, March 26, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ:GWRS), a pure-play water resource management company, today announced the pricing of an underwritten public offering of 2,800,000 shares of its common stock at a price to the public of $10.00 per share. Certain existing stockholders, including certain directors and/or their affiliates, have agreed to purchase an aggregate of 1,439,200 shares of our common stock in the offering. All of the shares are being sold by the company. T ...

PHOENIX, March 25, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares are being offered by the company. In addition, the company expects to grant the underwriters for the offering a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the offering at the public offering price, less underw ...

Core Viewpoint - Global Water Resources, Inc. has filed a general rate case application seeking a net increase of $6.5 million in annual revenue to support infrastructure investments for its utilities in Pinal County, Arizona [1][3]. Group 1: Rate Case Application - The application is related to Global Water – Santa Cruz Water Company and Global Water – Palo Verde Utilities Company, which collectively serve 57,842 active service connections across 207 square miles, representing approximately 89.6% of the company's total active service connections [2]. - If approved, the proposed rate increases would lead to an approximate 11% increase in the total median monthly aggregate billing for customers of GW-Santa Cruz and GW-Palo Verde [3]. Group 2: Infrastructure Investments - The rate case is based on the test year ending December 31, 2024, and includes planned infrastructure investments for 2025 [3]. - The company proposes to phase in the new rates over two years, with the first phase starting in May 2026 and the second phase in January 2027 [4]. Group 3: Regulatory Tools - A new regulatory tool has been proposed to allow for annual updates of costs and investments in a smaller, more gradual manner if approved [4]. Group 4: Company Overview - Global Water Resources operates 32 systems providing water, wastewater, and recycled water services, primarily in growth corridors around metropolitan Phoenix [5]. - The company recycles over 1 billion gallons of water annually, totaling 17.4 billion gallons since 2004 [5]. Group 5: Total Water Management - The company has been recognized for its effective implementation of Total Water Management (TWM), which integrates the management of the entire water cycle to maximize the beneficial use of recycled water [6]. - TWM enables smart water management programs and helps protect water supplies in areas experiencing population growth [6]. Group 6: Industry Recognition - Global Water has received numerous awards, including national recognition as a 'Utility of the Future Today' for its superior water reuse practices [7].

Financial Data and Key Metrics Changes - Total revenue for 2024 was $52.7 million, down 0.6% compared to 2023, primarily due to non-recurring revenue from Infra agreements in 2023 [29][30] - Regulated revenue, excluding Infra revenue, increased by $2.5 million or 4.9% to $52.7 million in 2024 [30] - Net income for 2024 was $5.8 million or $0.24 per diluted share, compared to $8 million or $0.33 per diluted share in 2023 [33] - Adjusted EBITDA increased by $1.3 million or 5.2% to $26.7 million in 2024 [34] Business Line Data and Key Metrics Changes - Total active service connections increased by 4.4% to 64,520 as of December 30, 2024 [11] - Operating expenses for 2024 were $43.3 million, an increase of approximately $2.6 million or 6.3% compared to 2023 [31] Market Data and Key Metrics Changes - The single-family dwelling unit market in the Phoenix area saw a 20.3% increase in building permits from 22,582 in 2023 to 27,156 in 2024 [13] - Multifamily housing unit permits in the city of Maricopa increased by 88.7% from 636 units in 2023 to 1,200 units in 2024 [16] Company Strategy and Development Direction - The company is focused on expanding its total water management platform and applying expertise to new utilities, aiming for efficiency and consolidation [48] - A significant rate case filing was made for the Santa Cruz Water Company and Palo Verde Utilities Company, with proposed rate increases totaling approximately $7.5 million [25][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of high inflation and other cost drivers on earnings growth, emphasizing the need for new rates to address cost increases and investments made since 2019 [24][41] - The company remains optimistic about future growth driven by organic connections, new utilities, acquisitions, and rate cases [26] Other Important Information - The company had zero significant compliance events in 2024, maintaining a strong compliance record for nearly eight years [12] - A record number of multifamily projects are in development, driven by economic growth and net migration in Arizona [17] Q&A Session Summary Question: Details on the CSA or formula rates - Management explained that the CSA proposal allows for annual updates to rates based on changes in expenses and investments, aiming to reduce regulatory lag and increase transparency for customers [55][59] Question: Impact of Procter and Gamble's notice to proceed - Management clarified that the notice to proceed initiates detailed design and permitting for infrastructure, with a typical two to three-year timeline for project execution [62]

Core Viewpoint - Global Water Resources, Inc. held its 2024 Year-End Conference Call on March 6, 2025, to discuss financial results and operational highlights for the year [1][3]. Group 1: Company Overview - The conference call featured key executives including Ron Fleming (President and CEO), Mike Liebman (CFO), and Chris Krygier (COO) [3][4]. - The company released its 2024 year-end financial results via press release, which is accessible on its website [3]. Group 2: Operational and Financial Highlights - Ron Fleming will summarize key operational events of the year, while Mike Liebman will review the financial results for year-end [4]. - Chris Krygier will discuss strategic initiatives and activities related to the Arizona Corporation Commission [4].

Global Water Resources, Inc. (GWRS) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post earnings of $0.11 per share when it actually produced earnings of $0.12, delivering a surprise of 9.09%.Over the last four quarters, ...

Revenue Performance - Regulated revenue increased by 4.9% to $52.7 million, driven by organic connection growth[5] - Total revenue decreased by 0.6% to $52.7 million, primarily due to a $2.8 million decline in unregulated revenue from infrastructure coordination and financing agreements[5] - Total revenue for 2024 was $52.692 million, a slight decrease of 0.6% from $53.028 million in 2023[52] - Water service revenue increased to $26.064 million, up from $24.860 million, representing a growth of 4.8%[52] - Wastewater and recycled water service revenue rose to $26.628 million, compared to $25.382 million, marking a growth of 4.9%[52] Income and Earnings - Net income decreased by 27.5% to $5.8 million, or $0.24 per share, compared to $0.33 per share in 2023[26] - Adjusted net income increased by 2.0% to $6.3 million, or $0.26 per share, consistent with the previous year[27] - Operating income decreased to $9.364 million in 2024 from $12.286 million in 2023, a decline of 23.5%[52] - Net income for 2024 was $5.789 million, down from $7.982 million in 2023, reflecting a decrease of 27.5%[52] - Basic and diluted earnings per share for 2024 were both $0.24, compared to $0.33 in 2023[52] - Diluted earnings per share decreased to $0.24 in 2024 from $0.33 in 2023, a decline of approximately 27.3%[58] Cash Flow and Expenditures - Total cash, cash equivalents, and restricted cash rose to $11,156 million at the end of 2024, up from $4,763 million at the end of 2023[57] - Net cash provided by operating activities decreased to $21,785 million in 2024 from $25,393 million in 2023, a decline of about 14.3%[55] - Capital expenditures increased significantly to $32,324 million in 2024, compared to $22,312 million in 2023, an increase of approximately 45.0%[55] - The company paid dividends of $7,298 million in 2024, compared to $7,185 million in 2023, reflecting a slight increase of about 1.6%[55] - The company reported a net cash provided by financing activities of $17,086 million in 2024, a significant increase from $406 million in 2023[55] Growth and Investments - Total active service connections increased by 4.4% to 64,520 as of December 31, 2024[31] - Water consumption increased by 3.3% to 4.16 billion gallons in 2024[5] - The company invested $32.3 million in infrastructure projects to support existing utilities and growth[5] - A proposed settlement agreement could provide an additional $1.1 million in annual revenue, pending approval[5] - The company anticipates a 6.8% increase in single-family housing permits in the Phoenix metropolitan area for 2025[16] - Global Water is positioned to benefit from job growth in Arizona, projected to add 478,000 jobs with an annual growth rate of 1.4% through 2032[36] Debt and Assets - Total assets increased to $405.137 million as of December 31, 2024, up from $361.095 million in 2023, a growth of 12.2%[51] - Long-term debt increased to $118.518 million in 2024 from $101.341 million in 2023, an increase of 16.9%[51] - EBITDA for 2024 was $25,734 million, down from $27,121 million in 2023, reflecting a decrease of about 5.1%[58] - Adjusted EBITDA rose by 5.2% to $26.7 million, compared to $25.3 million in 2023[28] - Adjusted EBITDA increased to $26,653 million in 2024, compared to $25,336 million in 2023, marking an increase of approximately 5.2%[58]