Welcome to our dedicated page for Consolidated Water news (Ticker: CWCO), a resource for investors and traders seeking the latest updates and insights on Consolidated Water stock.
Consolidated Water Co. Ltd. reports developments tied to its water utility, desalination, treatment, reuse, services and manufacturing businesses. The company develops and operates advanced water treatment plants and water distribution systems, including seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and water treatment and reuse facilities in the United States.
Recurring news includes segment operating results, quarterly cash dividends, investor conference activity, water infrastructure contract awards and updates on design, construction, management and operating services. Coverage also includes the company’s Cayman Islands retail utility operations, Caribbean bulk water supply activities, U.S. services work through subsidiaries such as PERC Water Corporation, and governance changes affecting the board and senior management.
Consolidated Water has settled a dispute with Mexico regarding the Playas de Rosarito, Baja California desalination project. Under the settlement, Consolidated Water's subsidiary, NSC Agua, will sell the project land and documentation to the Mexican government for approximately $36.35 million. The dispute originated from the termination of a public-private partnership agreement in June 2020. The settlement includes discontinuation of an arbitration process and releases all parties from further obligations related to the dispute and project.
Consolidated Water (NASDAQ: CWCO) announced that the 2024 Annual General Meeting (AGM), initially held on May 28, 2024, was partially adjourned to solicit more votes for Proposal 1 regarding the election of eight director nominees. The meeting will reconvene on June 24, 2024, at 9:00 a.m. Cayman Islands time (10:00 a.m. Eastern Daylight Time) at Aquilex's office in Coral Springs, FL. Shareholders as of March 28, 2024, are urged to vote 'FOR ALL' directors. Proposals 2 and 3, regarding executive compensation and the appointment of Marcum LLP, were approved. Shareholders can vote by Internet, telephone, or mail.
Consolidated Water (NASDAQ: CWCO) reported a 21% increase in Q1 2024 revenue, reaching $39.7 million. Net income from continuing operations was $6.9 million, or $0.43 per diluted share, up from $4.1 million or $0.26 per share in Q1 2023. Retail revenue increased by 11% to $8.6 million, services revenue surged by 37% to $17.4 million, and manufacturing revenue rose by 57% to $5.3 million.
Operational highlights include the substantial completion of an $81 million water treatment plant in Arizona and ongoing work on a $150 million desalination project in Hawaii. Cash and cash equivalents stood at $46.2 million, with working capital of $95.0 million. The company also noted a 10% increase in retail water volume sold in Grand Cayman.
Consolidated Water Co. (CWCO) will host an investor conference call on May 16, 2024, to discuss its first-quarter results. The call will be followed by a Q&A session. The financial results will be released before the call. Investors can join the call using the provided dial-in numbers and access a replay afterward.
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