What guidance did Consolidated Water's management provide for the next earnings period?

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What is the revenue and EPS growth rate for Consolidated Water year over year?

What factors drove the changes in Consolidated Water's revenue and profit?

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Did Consolidated Water beat or miss consensus estimates last quarter?

- **Revenue Growth**: Q3 2025 revenue up 5% to $35.1M, driven by 6% retail water sales and 7% manufacturing rise.
- **Project Wins**: Secured $11.7M California wastewater plant and $3.9M Colorado drinking water expansion.
- **Margins & Expansion**: 37% gross profit margin vs. 35% prior year; new 17,500 sq. ft. facility enables parallel project execution.
- **Hawaii Project**: $15.6M contracted revenue with Q1 2026 construction start.
- **Florida Growth**: Aligns with 1.5M population rise and stricter water regulations.

**【CEO Summary Section】**
- Q3 2025 revenue grew 5% year-over-year to $35.1 million, driven by 6% increase in retail water sales and 7% rise in manufacturing output. Key projects include a $11.7 million wastewater recycling plant in California and a $3.9 million drinking water expansion in Colorado.
- Gross margin improved in bulk utilities despite 3.7% revenue decline, reflecting cost optimization and higher-margin manufacturing products for nuclear and municipal clients.
- New 17,500 sq. ft. manufacturing facility expansion enables parallel project execution, aligning with Florida's 1.5 million population growth and stricter water regulations.

**【CFO Financial Commentary】**
- GAAP net income of $5.6 million ($0.34/share) vs. $4.5 million ($0.28/share) in Q3 2024, with 37% gross profit margin (vs. 35% prior year). Retail revenue up 6% on 1.84M gallons sold, offsetting 6% bulk decline from lower fuel pass-throughs.
- Services segment grew 22% to $6.4M from construction projects, while manufacturing rose 7% on specialized nuclear and municipal orders.

**【Q&A Highlights】**
- Hawaii seawater desalination project secured all regulatory approvals, set to begin construction Q1 2026 with $15.6M in contracted revenue.
- Colorado Lochbuie plant won first design-build contract, signaling expansion into $3.9M market. Arizona CDRs for $11.7M wastewater plant reflect 36M gallons/year potable water savings.
- Manufacturing margins vary by product mix, but $17.5M facility expansion supports Florida's growth and saline water treatment needs.

Consolidated Water Co. Ltd. (CWCO) Q3 2025 Earnings Call Transcript

- **Revenue and EPS Growth**: 3% revenue increase to $33.6 million, 23% EPS rise to $0.32, driven by retail and manufacturing segments.
- **Hawaii Project Milestone**: Pilot test approval paves way for construction of $1 billion seawater desalination plant in 2026.
- **Manufacturing Expansion**: 17,500 sq. ft. facility expansion boosts capacity for nuclear, municipal, and industrial water treatment equipment.
- **Cash Strength**: $112.2 million cash balance supports M&A and dividend growth (27% increase to $0.14/share).
- **Market Opportunities**: Design-build pipeline in U.S. Southwest, nuclear power sector growth, and Bahamas infrastructure needs.

**【CEO Summary Section】**
- Total revenue increased by 3% YoY to $33.6 million, driven by a 6% rise in retail water sales and a 33% surge in manufacturing revenue.
- Fully diluted EPS from continuing operations grew 23% YoY to $0.32, supported by higher gross profit margins in retail and manufacturing segments.
- The Hawaii seawater desalination project achieved a significant milestone with BWS approval of pilot test results, setting the stage for construction in early 2026.
- Manufacturing expansion in Fort Pierce, Florida, added 17,500 sq. ft. of capacity to handle larger projects.

**【CFO Financial Commentary】**
- Net income from continuing operations was $5.2 million ($0.32 per diluted share), up 24% YoY, with cash and cash equivalents growing to $112.2 million.
- Operating expenses were tightly controlled, with recurring O&M revenue increasing 17% YoY to $8.3 million.
- Capital expenditures for 2025 include $1.5 million for new desalination plants in the Bahamas and $700,000 for manufacturing expansion.
- Quarterly dividend increased 27% to $0.14 per share, reflecting confidence in long-term cash generation.

**【CEO Strategic Initiatives】**
- Cayman Islands utility expansion plans include new water storage and production facilities to meet growing demand.
- Manufacturing diversification into nuclear power equipment fabrication is supported by ASME NQA-1 certifications.
- Active pipeline of design-build projects in Arizona, Colorado, and California, including a $4.5 million wastewater plant in Colorado.
- Exploring M&A opportunities to complement organic growth in water infrastructure and services.

**【Q&A Highlights】**
- U.S. water scarcity trends driving demand for design-build projects in Arizona and Colorado, with 4 customized design reports submitted in Phoenix.
- Manufacturing expansion in Florida enables higher throughput for nuclear, municipal, and industrial water treatment equipment.
- Bahamas government progress on overdue receivables, with scheduled payments expected to reduce the balance.
- Strong cash position ($112.2 million) supports construction of the Hawaii project and strategic M&A in water infrastructure.

Consolidated Water Co. Ltd. (CWCO) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: Retail and manufacturing segments offset services decline, with retail water sales up 13% and manufacturing profit growth 44%.
- **Hawaii Project Catalyst**: $204M desalination plant set to begin construction in Q1 2026, with inflation-adjusted costs protecting margins.
- **Cash Position Strength**: $107.9M cash balance supports growth initiatives and potential dividend increases.
- **Growth Momentum**: 2026 pipeline includes Hawaii project, $20M smaller design-build projects, and manufacturing expansion.
- **Risk Note**: Permit delays could push Hawaii construction to 2027, impacting services segment revenue timing.

**【CEO Summary Section】**
- **Revenue Performance**: Services segment revenue declined 15% YoY due to completion of major projects, but retail and manufacturing segments offset this with 13% and 10% revenue growth, respectively.
- **Key Projects**: 
  - **Hawaii Seawater Desalination Plant**: $204M project expected to begin construction in Q1 2026 (pending permits). 80% of construction costs are inflation-adjusted to protect margins.
  - **Grand Cayman Expansion**: West Bay plant capacity increased by 1M gallons/day to meet population growth and business activity.
- **Future Growth Drivers**: 
  - Hawaii project (20-year O&M contract)
  - $20M pipeline of smaller design-build projects in 2025-2026
  - Manufacturing expansion (17,500 sq ft facility)
  - Arizona and Colorado market expansion

**【CFO Financial Commentary】**
- **Q1 2025 Results**: 
  - Total revenue: $33.7M (down 15% YoY)
  - Net income: $4.9M ($0.31/diluted share)
  - Cash & equivalents: $107.9M (up 12% YoY)
- **Segment Breakdown**: 
  - Services: $7.3M decline (construction completion)
  - Retail: $786K increase (13% volume growth)
  - Manufacturing: $509K increase (10% revenue growth)
  - O&M: $626K increase (9% recurring revenue growth)
- **Liquidity**: 
  - 2025 capex: $9.1M (includes Bahamas plant and manufacturing expansion)
  - Dividend policy under review for shareholder value optimization

**【Q&A Key Takeaways】**
- **Hawaii Project Timeline**: 
  - Design phase complete; 90% design submitted for review
  - Construction start: Q1 2026 (permits pending)
  - Revenue recognition: tied to cost incurrence (minimal to date)
- **Retail Growth Sustainability**: 
  - Driven by population growth (new hospital, Caymana Bay development)
  - Utilization rate near peak capacity; expansion needed for 2026 demand
- **Project Pipeline Confidence**: 
  - 3 smaller projects ($20M total) expected to begin in H2 2025
  - 4 Arizona CDRs in progress for potential design-build contracts
  - Wastewater project in southern Caribbean under bid consideration


Consolidated Water (CWCO)-13 May 25-2025 Q1 Earnings call transcript

- **Hawaii Project Delay & Future Growth**: Construction now expected in 2025, with 2026-2027 revenue boost and 80% inflation-adjusted costs to protect margins.
- **Recurring Revenue Surge**: O&M contracts grew 51% to $29.3 million, driven by Colorado subsidiary REC and PERC contracts.
- **Manufacturing Expansion**: New facility to support higher-margin jobs, with capacity additions late 2025.
- **Liquidity & No Debt**: $99.4 million cash, no debt, and $10.3 million capex planned for 2025.
- **Strategic Positioning**: Strong balance sheet supports expansion in US O&M markets and infrastructure investments in Grand Cayman.


**【CEO Opening Remarks】**
- **Revenue Stability**: 2024 revenue from continuing operations was consistent with expectations, driven by completed design-build projects and growth in retail and manufacturing segments.
- **Hawaii Project Update**: The $204 million seawater desalination project in Hawaii is delayed due to external factors, with construction now expected to begin in early 2025. The project includes a 20-year O&M agreement and 80% inflation-adjusted construction costs to preserve margins.
- **Recurring Revenue Growth**: O&M contracts contributed $29.3 million in 2024 (51% YoY increase), led by new subsidiary REC in Colorado and PERC contracts.
- **Manufacturing Expansion**: Aerex's manufacturing facility expansion will add capacity late 2025, supporting higher-margin jobs.

**【CFO Financial Highlights】**
- **Revenue Decline**: Total revenue fell to $134 million (from $180 million in 2023) due to a $47 million drop in services revenue from completed construction projects.
- **Gross Profit Stability**: Gross profit remained at 34% of revenue ($45.6 million vs. $61.9 million in 2023), reflecting strong cost control.
- **Net Income**: Net income from continuing operations was $17.9 million ($1.12 per share), down from $30.7 million ($1.93 per share) in 2023, driven by lower construction revenue.
- **Liquidity Strength**: Cash increased to $99.4 million (from $42.4 million), with no debt and $10.3 million in 2025 capex planned.

**【CEO Future Outlook】**
- **Hawaii Project Impact**: Construction phase (2026-2027) expected to significantly boost revenue and earnings.
- **New Market Expansion**: REC in Colorado and PERC in California offer growth in O&M and design-build services.
- **Infrastructure Investment**: West Bay plant expansion (1M gallons/day) to support Grand Cayman's growing water needs.
- **Acquisition Readiness**: Strong balance sheet ($210 million equity) enables strategic moves in new markets.


Consolidated Water Co. Ltd. (CWCO) Q4 2024 Earnings Call Transcript

Consolidated Water (CWCO)-15 Nov 24-2024 Q3 Earnings call transcript

Consolidated Water (CWCO)-15 Aug 24-2024 Q2 Earnings call transcript

Consolidated Water (CWCO)-16 May 24-2024 Q1 Earnings call transcript

Consolidated Water Co. Ltd. (CWCO) Q4 2023 Earnings Call Transcript

Consolidated Water (CWCO)-10 Nov 23-2023 Q3 Earnings call transcript

Consolidated Water (CWCO)-16 May 23-2023 Q1 Earnings call transcript

Consolidated Water (CWCO)-15 Nov 22-2022 Q3 Earnings call transcript

Consolidated Water (CWCO)-12 Aug 22-2022 Q2 Earnings call transcript

Consolidated Water (CWCO)-13 May 22-2022 Q1 Earnings call transcript

Consolidated Water (CWCO)-30 Mar 22-2021 Q4 Earnings call transcript

Consolidated Water (CWCO)-16 Nov 21-2021 Q3 Earnings call transcript

Consolidated Water (CWCO)-17 Aug 21-2021 Q2 Earnings call transcript

Consolidated Water (CWCO)-18 May 21-2021 Q1 Earnings call transcript

Consolidated Water (CWCO)-1 Apr 21-2020 Q4 Earnings call transcript

Consolidated Water (CWCO)-17 Nov 20-2020 Q3 Earnings call transcript

Consolidated Water (CWCO)-17 Aug 20-2020 Q2 Earnings call transcript

Consolidated Water (CWCO)-18 May 20-2020 Q1 Earnings call transcript

Consolidated Water (CWCO)-16 Mar 20-2019 Q4 Earnings call transcript

Consolidated Water (CWCO)-12 Nov 19-2019 Q3 Earnings call transcript

- **Record 2018 Performance**: 11% revenue growth ($65.7M), 84% net income jump ($11.3M), driven by bulk water and manufacturing segments.\n- **Mexico Project Breakthrough**: $200M IDB credit facility secured; full project financing contingent on state gov guarantee approval.\n- **$12M Belize Divestment Proceeds**: Reinvesting in Mexico expansion and other growth opportunities.\n- **2019 Outlook**: 1H2019 revenue boost from dry weather in Grand Cayman, $200M+ capital deployment for key projects.\n- **Strategic M&A Focus**: Pursuing North America/Latin America water treatment assets to complement Aerex manufacturing platform.

**【CEO Opening Remarks】**
- **2018 Financial Highlights**: Total revenue up 11% to $65.7M, gross profit up 11% to $26.7M, net income surging 84% to $11.3M ($0.75/share).\n- **Mexico Project Milestone**: Secured $200M IDB credit facility for 100Mgal/day desalination plant in Rosarito, Baja California, with remaining debt financing in process.\n- **Belize Divestment**: Completed $7M sale of bulk water operations, repatriated $12M to reinvest in growth initiatives.\n- **Manufacturing Growth**: Aerex segment contributed 11% of revenue with improved operating margins.\n- **Grand Cayman Outlook**: Anticipate 1H2019 revenue boost from dry weather and tourism seasonality.\n
**【CFO Financial Breakdown】**
- **Revenue Segmentation**: Retail (39%), Bulk (47%), Services (3%), Manufacturing (11%).\n- **Cost Management**: Flat G&A expenses ($18.7M) despite higher capital expenditures ($11.9M Windsor plant refurbishment).\n- **Liquidity Position**: $31.8M cash as of Dec 31, 2018 (down from $45.3M) due to A/R growth (+$9.5M Bahamas) and capex.\n- **2019 Capital Plan**: $4M ops capex, $2.5M Mexico project development, $1.3M dividends.\n
**【Q&A Key Takeaways】**
- **Belize Repatriation**: $5M received post-year-end, $265K retained for warranties.\n- **Mexico Financing**: 4 banks in process for remaining debt; state gov guarantee approval expected to trigger full project funding.\n- **M&A Strategy**: Seeking North America/Latin America targets with existing water treatment assets to leverage Aerex manufacturing capabilities.\n- **Grand Cayman License**: Ongoing negotiations with Cayman government for new retail license terms.

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