Global Water Resources (GWRS) Second Quarter Earnings Beat, Revenue Rise – August 11, 2022

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World Water Resources Inc. (GWRS Free Report) posted earnings per share (EPS) of 9 cents in the second quarter of 2022, which beat Zacks’ consensus estimate of 5 cents by 80%. The bottom line was on par with the quarterly tally a year ago of 9 cents per share.

Total revenue

In the quarter under review, the company’s revenue was $11.7 million, which beat Zacks’ consensus estimate of $11.6 million by 0.9%. Additionally, revenue improved 7.3% from $10.9 million in the prior year quarter.

The year-over-year revenue improvement can be attributed to growth in active service connections combined with increases in consumption. Additionally, the acquisition of Las Quintas Serenas Water Company in the fourth quarter of 2021 boosted quarterly revenue.

Release Highlights

Global Water Resources’ second quarter total operating expenses were $9.2 million, up 7% from $8.6 million in the prior year quarter, due to an increase in operating and maintenance costs, depreciation and general and administrative expenses.

The company’s second-quarter operating profit was $2.5 million, up 5.3% from the year-ago quarter of $2.3 million.

Its interest expense was $1.1 million, down 21.9% from the year-ago quarter reading of $1.4 million.

Global Water Resources has signed an agreement to acquire Farmers Water Company in Pima County, which is expected to add 3,300 active water service connections.

Financial update

As of June 30, 2022, GWRS had cash and cash equivalents of $4.8 million, compared to $12.6 million as of December 31, 2021.

As of June 30, 2022, Global Water Resources’ long-term debt and capital leases were $107 million, compared to $108.9 million as of December 31, 2021.

Global Water Resources invested $14.6 million in infrastructure improvements in the first six months of 2022, compared to $6.4 million invested in the year-ago period.

Zacks Rank

Currently, GWRS carries a Zacks Rank #3 (Hold). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Artesian resources (ARTNA Free Report) posted second-quarter 2022 operating EPS of 53 cents, beating Zacks’ consensus estimate of 50 cents per share by 6%. The Zacks consensus estimate for ARTNA earnings in 2022 implies 7.8% year-over-year growth.

York Water (YORW Free Report) posted operating EPS of 36 cents in the second quarter of 2022, beating Zacks’ consensus estimate of 34 cents per share by 5.9%. Zacks consensus estimate for YORW earnings in 2022 implies 4.6% year-over-year growth.

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