Global Water Resources Q4 Earnings Gain Boost From New Connections: Details
Portfolio Pulse from Shivani Kumaresan
Global Water Resources Inc (NASDAQ:GWRS) reported Q4 FY23 sales growth of 11.4% year-on-year to $12.368 million, surpassing analyst estimates. The growth was primarily due to new connections from the acquisition of Farmers Water. Operating income rose 34.8% to $1.66 million, and active service connections increased by 9.8%. Adjusted EPS was $0.07, above analyst expectations of $0.04. The company ended the quarter with $4.76 million in cash.
March 07, 2024 | 1:45 pm
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Global Water Resources Inc reported a strong Q4 FY23, with sales growth of 11.4% and an operating income increase of 34.8%, driven by the acquisition of Farmers Water and new connections.
The positive earnings report, surpassing analyst expectations, and the successful acquisition of Farmers Water contributing to new connections and revenue growth, are likely to positively impact investor sentiment and GWRS's stock price in the short term.
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