CWCO - Consolidated Water stock dips 16% as Q3 net income falls

Consolidated Water ( NASDAQ: CWCO ) stock fell ~16% on Tuesday after the company's Q3 results .

Net income from continuing operations attributable to consolidated Water stockholders declined to $823.6K, compared to $1.36M in Q3 2021.

Revenue grew +52.63% Y/Y to $25.05M.

Retail revenue increased +20% Y/Y to $6.3M, while Bulk revenue increased 26% Y/Y to $8.7M. Services revenue grew 172% Y/Y to $8.7M.

"However, certain higher G&A expenses last quarter affected net income, including employee bonus accruals resulting from our strengthened financial performance, higher salaries due to cost-of-living increases that were given earlier this year, and bank fees related to the transfer of our profits from our Bahamas subsidiary," said Consolidated Water CEO Rick McTaggart.

Outlook :

McTaggart added that, "We expect that the more than $150 million in major multi-year projects that we secured this year will have a greater positive impact to our earnings in future quarters, while supporting our outlook for continued growth in our services segment."

As of Sept. 30, cash and cash equivalents were $51.1M, compared to $49.1M as of June 30.

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