Consolidated Water Co. Ltd. (NASDAQ:CWCO) reported first-quarter 2016 earnings of 14 cents per share, missing the Zacks Consensus Estimate of 16 cents by 12.5% but increasing 7.7% from the year-ago figure.
Total Revenue
In the quarter under review, Consolidated Water’s total revenue came in line with the Zacks Consensus Estimate of $14 million.
Highlights of the Release
In the reported quarter, cost of revenues decreased 7.1% year over year to $7.9 million mainly due to lower cost of retail and bulk revenues, partially offset by higher cost of services revenues.
Consolidated Water’s quarterly gross profit were $6.2 million, up marginally from the prior-year level, primarily due to better performance at the retail and services segments.
In the quarter under review, the company incurred general and administrative expenses of $4.5 million, up 15.4% primarily due to higher project development expenses and costs related to its acquisition of a 51% interest in Aerex Industries.
Quarterly income from operations stood at $1.7 million, down 26.1% from $2.3 million a year ago.
Financial Update
As of Mar 31, 2016, Consolidated Water’s cash and cash equivalents were $35.6 million, down from $44.8 million as of Dec 31, 2015.
Peer Releases
California Water Service Group (NYSE:CWT) reported first-quarter 2016 adjusted loss of 2 cents per share. The Zacks Consensus Estimate was earnings of 3 cents.
American States Water Company (NYSE:AWR) posted first-quarter 2016 earnings of 28 cents per share, lagging the Zacks Consensus Estimate of 34 cents by 17.6%.
Aqua America Inc. (NYSE:WTR) reported first-quarter 2016 earnings per share of 29 cents, beating the Zacks Consensus Estimate of 28 cents by a penny.
Zacks Rank
Consolidated Water currently has a Zacks Rank #3 (Hold).
CALIF WATER SVC (CWT): Free Stock Analysis Report
CONSOLTD WATER (CWCO): Free Stock Analysis Report
AQUA AMER INC (WTR): Free Stock Analysis Report
AMER STATES WTR (AWR): Free Stock Analysis Report
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