Global Water Resources, Inc. (GWRS) Misses Q2 Earnings and Revenue Estimates

Core Viewpoint - Global Water Resources, Inc. (GWRS) reported quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.08 per share, representing an earnings surprise of -12.50% [1] Financial Performance - The company posted revenues of $13.51 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.66%, compared to revenues of $13 million a year ago [2] - Over the last four quarters, GWRS has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Shares of Global Water Resources have lost about 7.2% since the beginning of the year, while the S&P 500 has gained 9.9% [3] - The current consensus EPS estimate for the coming quarter is $0.11 on revenues of $14.8 million, and for the current fiscal year, it is $0.29 on revenues of $53.4 million [7] Industry Outlook - The Utility - Water Supply industry, to which GWRS belongs, is currently in the bottom 24% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of GWRS may be influenced by the overall outlook for the industry, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]