Please wait while we load the requested 10-Q report or click the link below:
Consolidated Water Reports Q2 2020 Results
Revenue up 4% to $19.1 Million, First Half 2020 Revenue up 13% to $39.8 Million
GEORGE TOWN, Cayman Islands, August 14, 2020 -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the three and six months ended June 30, 2020. Quarterly and first-half comparisons are to the year-ago period unless otherwise noted.
Revenue in the second quarter increased 4% to $19.1 million, first half up 13% to $39.8 million.
Gross profit in the first half increased 8% to $15.7 million.
Net loss attributable to Consolidated Water stockholders for the second quarter of 2020 was $1.1 million or $(0.07) per basic and fully diluted share, as compared to net income of $2.5 million or $0.16 per basic and fully diluted share in the year-ago quarter. For the first half of 2020, net income attributable to Consolidated Water stockholders was $1.8 million or $0.12 per fully diluted share, down from $8.7 million or $0.57 per fully diluted share in the same year-ago period.
Cash and cash equivalents totaled $35.0 million as of June 30, 2020.
Paid $1.3 million in dividends in Q2 2020.
“In Q2, our core water production and distribution and manufacturing operations remained stable and profitable, although at reduced production levels due to the impact of the COVID-19 pandemic,” commented Consolidated Water CEO, Rick McTaggart. “This allowed our financial condition and liquidity to remain strong, with cash balances totaling $35.0 million at quarter end.
“Our services segment revenue was up by more than $3.3 million due to the contribution from PERC Water, our new majority-owned subsidiary that we acquired in the fourth quarter of last year. PERC has been performing better than we anticipated given the current market conditions created by the pandemic. During the quarter, PERC was awarded two new contracts and secured four contract renewals for operating and maintaining advanced water treatment plants in California. We expect PERC’s two new O&M contracts to add incremental revenue of $1.7 million in the second half of this year.
“We continue to see attractive opportunities for PERC in a very active market. Its strong growth potential is largely due to its excellent product and service offerings, and strong presence in the Southwestern United States where water supplies are increasingly under stress.
“PERC has been highly complementary to our existing business and overall mission, supporting our pursuit of water reuse projects and other emerging opportunities with a comprehensive suite of solutions for improving water infrastructure. PERC also provides us a solid platform upon which to expand to North America our core business of designing, constructing and operating desalination plants. Given these compelling growth factors, earlier this week we acquired an additional 10% of PERC from another shareholder for $900,000, thereby raising our ownership interest from 51% to 61%.
“Overall, Consolidated Water continues to be well positioned to successfully navigate these uncertain and turbulent times, thanks to a strong balance sheet and well-established growth strategy that brought us PERC and, we anticipate, other successful future acquisitions.
The following information was filed by Consolidated Water Co. Ltd. (CWCO) on Monday, August 17, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Consolidated Water Co. Ltd.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Consolidated Water Co. Ltd..