Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates

Core Points - Consolidated Water Co. Ltd. (CWCO) reported first-quarter 2024 earnings per share (EPS) of 43 cents, exceeding the Zacks Consensus Estimate of 39 cents by 10.3% and showing a 65.4% increase from last year's 26 cents per share [1] - The company's total revenues for the quarter reached $39.7 million, surpassing the Zacks Consensus Estimate of $38.7 million by 2.7% and improving 20.7% from $32.9 million in the same quarter last year [2] Revenue Segmentation - Retail revenues amounted to $8.6 million, an 11% increase from $7.8 million in the year-ago quarter, driven by a 6% rise in the volume of water sold [3] - Bulk revenues were $8.3 million, down 8.4% from $9 million last year, primarily due to a 2% decrease in the volume of water sold by CW-Bahamas and lower energy costs affecting bulk water rates [3] - Manufacturing revenues totaled $5.3 million, a 57% increase from $3.4 million in the previous year, attributed to higher project activity [4] - Services revenues reached $17.4 million, up 37% from $12.7 million last year, with plant construction revenues increasing 6% to $9.2 million [4] Financial Highlights - General and administrative expenses decreased by nearly 37.7% to $6.6 million [5] - Net income from continuing operations was $7.1 million compared to $4.2 million in the year-ago quarter [5] - Cash and cash equivalents stood at $46.2 million as of March 31, 2024, up from $42.6 million as of December 31, 2023 [6] - Working capital was $95 million as of the same date [6] - Total long-term debt was $0.15 million as of March 31, 2024, down from $0.19 million at the end of 2023 [6] - Cash flow from operating activities during the first three months of 2024 totaled $5.9 million, compared to $5.3 million in the year-ago period [6]