Consolidated Water Shares Surge After Q2 Results, Records 110% Revenue Growth, Beats Estimates
Portfolio Pulse from Akanksha Bakshi
Consolidated Water (NASDAQ:CWCO) reported a Q2 2023 revenue increase of 110% YoY to $44.2 million, beating estimates of $30.27 million. Retail revenue grew 16%, services jumped 377% YoY, and manufacturing increased to $4.1 million. EPS was 47 cents (+178% YoY), beating the consensus of $0.22. The company also signed a $204 million contract to design, build, operate, and maintain a seawater desalination plant in Hawaii. CWCO shares are trading higher by 6.61% at $21.66 premarket on Friday.
August 11, 2023 | 1:12 pm
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Consolidated Water's Q2 2023 results beat estimates with a 110% YoY revenue increase and a 178% YoY EPS increase. The company also secured a $204 million contract for a desalination plant in Hawaii.
Consolidated Water's strong Q2 2023 results and the new contract are likely to boost investor confidence, leading to a positive short-term impact on the stock price. The company's revenue and EPS beat estimates, indicating strong performance. The $204 million contract for a desalination plant in Hawaii also represents a significant new business opportunity.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100