Consolidated Water Reports Second Quarter 2023 Revenue up 110% to $44.2 Million and Net Income of $7.3 Million or $0.46 per Diluted Share
GEORGE TOWN, Cayman Islands, Aug. 10, 2023 (GLOBE NEWSWIRE) — Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2023. All comparisons are to the same prior year period unless otherwise noted.
The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).
Second Quarter 2023 Financial Highlights
- Total revenue increased 110% to $44.2 million.
- Retail revenue increased 16% to $7.6 million.
- Services revenue increased 377% to $24.1 million, with recurring services revenue generated from operation and maintenance contracts up 11% to $3.9 million.
- Manufacturing revenue increased to $4.1 million.
- Net income from continuing operations attributable to company stockholders was $7.5 million or $0.47 per diluted share, up 178% from $2.7 million or $0.18 per diluted share in the same year-ago period.
- Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis).
- Cash and cash equivalents totaled $47.7 million as of June 30, 2023.
Second Quarter 2023 Operational Highlights
- Signed $204 million contract to design, build, operate and maintain a seawater desalination plant in Hawaii.
- Volume of water sold in Grand Cayman retail segment increased 14% primarily due to increased tourist activity on Grand Cayman, with tourism in 2022 was lower than historical levels due to the lingering impact of the COVID-19 pandemic.
- Recognized $17.6 million in revenue from PERC Water’s progress on the construction of a $82 million advanced water treatment plant in Goodyear, Arizona. The construction is on track for completion next year.
Management Commentary
“I‘m truly gratified and excited to mark the company’s 50th anniversary this month by reporting record quarterly and six-month financial results,” commented Consolidated Water CEO, Rick McTaggart. “In Q2, our revenue increased by 110% to $44.2 million, reflecting another strong period of growth across all four of our business segments. Our retail water segment benefited from a 14% increase in the volume of water sold in Grand Cayman, which we attribute to improved tourist activity over last year when tourism was lower than historical levels due to the lingering impact of the pandemic.
“Our services revenue grew by $19 million, mostly due to the progress our PERC Water subsidiary has made on the construction of an $82 million advanced water treatment plant in Goodyear, Arizona that we announced in May of last year. Construction is progressing as planned, and we anticipate generating significant additional revenue from this project until the plant’s anticipated commissioning and startup in mid-2024.
“PERC’s continued strong operating performance, revenue growth and synergies with other areas of our business have significantly improved our overall top and bottom line. Its strong operational presence in the Southwestern U.S. — a region that urgently needs new fresh water sources due to unprecedented drought conditions — has positioned us for further growth and development in this important segment of our business.
“In our Caribbean seawater desalination business, the revenue we recognized from the design and construction of the 2.6 million gallon per day Red Gate desalination plant for the Water Authority of the Cayman Islands also contributed to the year-over-year increase in services revenue. Construction remains on track and is expected to be completed in early 2024.
“Our new Cayman Water 1 million gallon per day West Bay desalination plant is replacing a 30-year-old plant and supplements production capacity for our retail water business in Grand Cayman. The plant is expected to go online next month in time to meet the higher retail water demand we typically experience from mid-December through April in Grand Cayman.
“In July, we entered the U.S. desalination market for the first time with a $204 million contract to design, build, operate and maintain a seawater desalination plant in Hawaii. We believe winning this contract was due to our proven ability in designing, building and operating some of the world’s most energy-efficient seawater desalination plants, as well as the exceptional project track record that our team was able to demonstrate to our new client, the Board of Water Supply of Honolulu. We also believe this entrance into the U.S. desalination plant market positions us well for the additional opportunities we are pursuing in the Western U.S.
“We will be commemorating our 50th year of operating with the ringing of the Nasdaq opening bell on Monday. From our humble beginnings, Consolidated Water has pursued a mission to provide state-of-the-art water services to areas of the world where the supply of potable water is scarce. Our dedicated team of engineers, builders and operators have long recognized that fresh water is the most precious resource in the world. Today, we produce more than 25 million gallons of potable water daily from our 11 seawater desalination plants in the Caribbean, and operate 27 water and wastewater treatment facilities in the Western U.S.
“We remain very optimistic about our further growth for numerous reasons. This includes the recovery of tourism in Grand Cayman and our ongoing construction projects underway there and in the U.S., as well as the increased project bidding activity we are seeing in the U.S. We also anticipate that the more than $350 million in major multi-year projects that we secured over the last 18 months will have an increasing positive impact on our earnings in future quarters.
“We believe these activities and achievements, combined with the current positive trends in our markets, represent strong drivers for continued growth, increased profitability, and further strengthening of shareholder value.”
Second Quarter 2023 Financial Summary
Revenue for the second quarter of 2023 totaled $44.2 million, up 110% compared to $21.1 million in the same year-ago period. The increase was driven by increases of $1.0 million in the retail segment, $59,000 in the bulk segment, $19.0 million in the services segment and $3.0 million in the manufacturing segment.
Retail revenue increased primarily due to a 14% increase in the volume of water sold, as well as the result of higher energy costs that increased the energy pass-through component of the company’s water rates and a more favorable rate mix.
The increase in services segment revenue was due to an increase in plant design and construction revenue. The company recognized approximately $17.6 million in revenue in the second quarter of 2023 for the construction of a water treatment plant in Goodyear, Arizona. Revenue generated under operations and maintenance contracts totaled $3.9 million in the second quarter of 2023, up 11% as compared to $3.5 million in the same year-ago period.
The increase in manufacturing segment revenue was due to increased production activity.
Gross profit for the second quarter of 2023 was $15.5 million or 35.0% of total revenue, up 107% from $7.5 million or 35.5% of total revenue for the same year-ago period.
Net income from continuing operations attributable to stockholders for the second quarter of 2023 was $7.5 million or $0.47 per diluted share, compared to net income of $2.7 million or $0.18 per diluted share for the same year-ago period.
Net income attributable to Consolidated Water stockholders for the second quarter of 2023, which includes the results of discontinued operations, was $7.3 million or $0.46 per fully diluted share, up from a net income of $2.3 million or $0.15 per basic and fully diluted share for the same year-ago period.
Cash and cash equivalents totaled $47.7 million as of June 30, 2023, as compared to $51.1 million as of March 31, 2023, with working capital at $75.5 million, debt of $0.3 million, and stockholders’ equity totaling $170.3 million.
First Half 2023 Financial Summary
Revenue for the first half of 2023 was $77.1 million, up 90% compared to $40.6 million in the same year-ago period. The increase was primarily driven by increases of $2.5 million in the retail segment, $1.7 million in the bulk segment, $27.0 million in the services segment and $5.2 million in the manufacturing segment.
Retail revenue increased primarily due to a 17% increase in the volume of water sold. The volume of water sold in the Cayman Water license area increased by 15% and the remaining 2% increase in the volume of water sold was due to water sales made by Cayman Water directly to the WAC in January and February of 2023.
The retail revenue increased also as a result of higher energy costs that increased the energy pass-through component of the company’s retail water rates, as well as a more favorable rate mix.
The increase in bulk segment revenue was due to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates and, to a lesser extent, an increase of 9% in the volume of water sold by CW-Bahamas.
The increase in services segment revenue was due to an increase in plant design and construction revenue. The company recognized approximately $24.1 million in revenue for the construction of a water treatment plant in Goodyear, Arizona in the first half of 2023. Revenue generated under operations and maintenance contracts totaled $7.5 million in the first half of 2023, up 5% as compared to $7.1 million in the same year-ago period.
The increase in manufacturing segment revenue was due to higher project activity.
Gross profit for the first half of 2023 was $26.0 million or 33.7% of total revenue, up 78% from $14.6 million or 36.0% of total revenue in the same year-ago period.
Net income from continuing operations attributable to stockholders for the first half of 2023 was $11.6 million or $0.73 per diluted share, compared to net income of $5.0 million or $0.33 per diluted share in the same year-ago period.
Net income attributable to Consolidated Water stockholders for the half of 2023, which includes the results of discontinued operations, was $11.1 million or $0.70 per fully diluted share, up from net income of $4.0 million or $0.26 per fully diluted share in the same year-ago period.
Second Quarter Segment Results
| Three Months Ended June 30, 2023 | |||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | |||||||||||||
| Revenue | $ | 7,573,329 | $ | 8,482,495 | $ | 24,093,963 | $ | 4,087,476 | $ | 44,237,263 | |||||||
| Cost of revenue | 3,433,132 | 5,931,735 | 16,248,141 | 3,160,706 | 28,773,714 | ||||||||||||
| Gross profit | 4,140,197 | 2,550,760 | 7,845,822 | 926,770 | 15,463,549 | ||||||||||||
| General and administrative expenses | 4,265,535 | 379,900 | 904,560 | 434,920 | 5,984,915 | ||||||||||||
| Gain on asset dispositions and impairments, net | — | 1,000 | — | — | 1,000 | ||||||||||||
| Income (loss) from operations | $ | (125,338 | ) | $ | 2,171,860 | $ | 6,941,262 | $ | 491,850 | 9,479,634 | |||||||
| Other income, net | 129,131 | ||||||||||||||||
| Income before income taxes | 9,608,765 | ||||||||||||||||
| Provision for income taxes | 1,940,067 | ||||||||||||||||
| Net income from continuing operations | 7,668,698 | ||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 137,226 | ||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 7,531,472 | ||||||||||||||||
| Net loss from discontinued operations | (207,701 | ) | |||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 7,323,771 | |||||||||||||||
| Three Months Ended June 30, 2022 | |||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | |||||||||||||
| Revenue | $ | 6,526,803 | $ | 8,423,749 | $ | 5,055,483 | $ | 1,061,092 | $ | 21,067,127 | |||||||
| Cost of revenue | 3,118,411 | 5,647,583 | 3,865,867 | 959,769 | 13,591,630 | ||||||||||||
| Gross profit | 3,408,392 | 2,776,166 | 1,189,616 | 101,323 | 7,475,497 | ||||||||||||
| General and administrative expenses | 3,345,109 | 404,072 | 838,040 | 339,470 | 4,926,691 | ||||||||||||
| Gain on asset dispositions and impairments, net | 1,200 | — | 4,080 | — | 5,280 | ||||||||||||
| Income (loss) from operations | $ | 64,483 | $ | 2,372,094 | $ | 355,656 | $ | (238,147 | ) | 2,554,086 | |||||||
| Other income, net | 397,982 | ||||||||||||||||
| Income before income taxes | 2,952,068 | ||||||||||||||||
| Provision for income taxes | 10,152 | ||||||||||||||||
| Net income from continuing operations | 2,941,916 | ||||||||||||||||
| Income attributable to non-controlling interests | 232,197 | ||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 2,709,719 | ||||||||||||||||
| Net loss from discontinued operations | (419,833 | ) | |||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 2,289,886 | |||||||||||||||
First Half Segment Results
| Six Months Ended June 30, 2023 | |||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | |||||||||||||
| Revenue | $ | 15,344,424 | $ | 17,486,868 | $ | 36,815,664 | $ | 7,459,297 | $ | 77,106,253 | |||||||
| Cost of revenue | 6,983,926 | 12,174,881 | 26,292,219 | 5,632,596 | 51,083,622 | ||||||||||||
| Gross profit | 8,360,498 | 5,311,987 | 10,523,445 | 1,826,701 | 26,022,631 | ||||||||||||
| General and administrative expenses | 8,442,642 | 732,875 | 1,993,232 | 852,828 | 12,021,577 | ||||||||||||
| Gain (loss) on asset dispositions and impairments, net | (7,287 | ) | 12,270 | — | 1,933 | 6,916 | |||||||||||
| Income (loss) from operations | $ | (89,431 | ) | $ | 4,591,382 | $ | 8,530,213 | $ | 975,806 | 14,007,970 | |||||||
| Other income, net | 286,190 | ||||||||||||||||
| Income before income taxes | 14,294,160 | ||||||||||||||||
| Provision for income taxes | 2,389,552 | ||||||||||||||||
| Net income from continuing operations | 11,904,608 | ||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 300,347 | ||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 11,604,261 | ||||||||||||||||
| Net loss from discontinued operations | (466,864 | ) | |||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 11,137,397 | |||||||||||||||
| Six Months Ended June 30, 2022 | ||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | ||||||||||||||
| Revenue | $ | 12,840,003 | $ | 15,774,393 | $ | 9,799,303 | $ | 2,211,333 | $ | 40,625,032 | ||||||||
| Cost of revenue | 6,172,151 | 10,334,702 | 7,515,047 | 1,981,871 | 26,003,771 | |||||||||||||
| Gross profit | 6,667,852 | 5,439,691 | 2,284,256 | 229,462 | 14,621,261 | |||||||||||||
| General and administrative expenses | 6,795,515 | 714,375 | 1,618,014 | 664,904 | 9,792,808 | |||||||||||||
| Gain on asset dispositions and impairments, net | 1,200 | — | 16,538 | — | 17,738 | |||||||||||||
| Income (loss) from operations | $ | (126,463 | ) | $ | 4,725,316 | $ | 682,780 | $ | (435,442 | ) | 4,846,191 | |||||||
| Other income, net | 717,709 | |||||||||||||||||
| Income before income taxes | 5,563,900 | |||||||||||||||||
| Benefit from income taxes | 56,425 | |||||||||||||||||
| Net income from continuing operations | 5,507,475 | |||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 473,627 | |||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 5,033,848 | |||||||||||||||||
| Net loss from discontinued operations | (1,027,147 | ) | ||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 4,006,701 | ||||||||||||||||
Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, which will include a question-and-answer period.
Date: Friday, August 11, 2023
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 5868888
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 18, 2023, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.
Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 5868888
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, builds and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, builds and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, build, operate and maintain a seawater desalination plant in Hawaii.
The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit www.cwco.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “intend”, “expect”, “should”, “will” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company’s products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks, as detailed in the company’s periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact
Investor Relations Contact
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email Contact
Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact
CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | ||||||
| 2023 | 2022 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 47,691,699 | $ | 50,711,751 | |||
| Accounts receivable, net | 30,302,638 | 27,046,182 | |||||
| Inventory | 9,844,600 | 5,727,842 | |||||
| Prepaid expenses and other current assets | 6,873,183 | 5,643,279 | |||||
| Contract assets | 8,192,770 | 2,913,722 | |||||
| Current assets of discontinued operations | 320,427 | 531,480 | |||||
| Total current assets | 103,225,317 | 92,574,256 | |||||
| Property, plant and equipment, net | 50,733,041 | 52,529,545 | |||||
| Construction in progress | 5,890,363 | 3,705,681 | |||||
| Inventory, noncurrent | 5,004,956 | 4,550,987 | |||||
| Investment in OC-BVI | 1,339,585 | 1,545,430 | |||||
| Goodwill | 10,425,013 | 10,425,013 | |||||
| Intangible assets, net | 2,545,556 | 2,818,888 | |||||
| Operating lease right-of-use assets | 1,785,865 | 2,058,384 | |||||
| Other assets | 3,001,292 | 1,669,377 | |||||
| Long-term assets of discontinued operations | 21,129,288 | 21,129,288 | |||||
| Total assets | $ | 205,080,276 | $ | 193,006,849 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 10,156,003 | $ | 8,438,315 | |||
| Accounts payable – related parties | — | 403,839 | |||||
| Accrued compensation | 1,869,351 | 2,267,583 | |||||
| Dividends payable | 1,411,753 | 1,375,403 | |||||
| Current maturities of operating leases | 547,297 | 546,851 | |||||
| Current portion of long-term debt | 114,964 | 114,964 | |||||
| Contract liabilities | 12,928,490 | 8,803,921 | |||||
| Deferred revenue | 409,670 | 315,825 | |||||
| Current liabilities of discontinued operations | 280,695 | 389,884 | |||||
| Total current liabilities | 27,718,223 | 22,656,585 | |||||
| Long-term debt, noncurrent | 161,409 | 216,117 | |||||
| Deferred tax liabilities | 485,008 | 560,306 | |||||
| Noncurrent operating leases | 1,552,708 | 1,590,542 | |||||
| Other liabilities | 153,000 | 219,110 | |||||
| Total liabilities | 30,070,348 | 25,242,660 | |||||
| Commitments and contingencies | |||||||
| Equity | |||||||
| Consolidated Water Co. Ltd. stockholders’ equity | |||||||
| Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 48,088 and 34,383 shares, respectively | 28,853 | 20,630 | |||||
| Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,736,041 and 15,322,875 shares, respectively | 9,441,625 | 9,193,725 | |||||
| Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued | — | — | |||||
| Additional paid-in capital | 91,107,323 | 89,205,159 | |||||
| Retained earnings | 69,702,109 | 61,247,699 | |||||
| Total Consolidated Water Co. Ltd. stockholders’ equity | 170,279,910 | 159,667,213 | |||||
| Non-controlling interests | 4,730,018 | 8,096,976 | |||||
| Total equity | 175,009,928 | 167,764,189 | |||||
| Total liabilities and equity | $ | 205,080,276 | $ | 193,006,849 | |||
CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 44,237,263 | $ | 21,067,127 | $ | 77,106,253 | $ | 40,625,032 | ||||||||
| Cost of revenue(including related party expenses of $0 and $640,937 for the three months ended, and $0 and $1,480,369 for the six months ended, June 30, 2023 and 2022, respectively) | 28,773,714 | 13,591,630 | 51,083,622 | 26,003,771 | ||||||||||||
| Gross profit | 15,463,549 | 7,475,497 | 26,022,631 | 14,621,261 | ||||||||||||
| General and administrative expenses (including related party expenses of $0 and $24,231 for the three months ended, and $0 and $48,462 for the six months ended, June 30, 2023 and 2022, respectively) | 5,984,915 | 4,926,691 | 12,021,577 | 9,792,808 | ||||||||||||
| Gain on asset dispositions and impairments, net | 1,000 | 5,280 | 6,916 | 17,738 | ||||||||||||
| Income from operations | 9,479,634 | 2,554,086 | 14,007,970 | 4,846,191 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 86,137 | 110,916 | 199,781 | 291,603 | ||||||||||||
| Interest expense | (36,247 | ) | (2,724 | ) | (74,091 | ) | (6,805 | ) | ||||||||
| Profit-sharing income from OC-BVI | 12,150 | 8,100 | 26,325 | 18,225 | ||||||||||||
| Equity in the earnings of OC-BVI | 35,272 | 19,551 | 70,830 | 51,317 | ||||||||||||
| Net gain on put/call options | — | 201,000 | — | 276,000 | ||||||||||||
| Other | 31,819 | 61,139 | 63,345 | 87,369 | ||||||||||||
| Other income, net | 129,131 | 397,982 | 286,190 | 717,709 | ||||||||||||
| Income before income taxes | 9,608,765 | 2,952,068 | 14,294,160 | 5,563,900 | ||||||||||||
| Provision for income taxes | 1,940,067 | 10,152 | 2,389,552 | 56,425 | ||||||||||||
| Net income from continuing operations | 7,668,698 | 2,941,916 | 11,904,608 | 5,507,475 | ||||||||||||
| Income from continuing operations attributable to non-controlling interests | 137,226 | 232,197 | 300,347 | 473,627 | ||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 7,531,472 | 2,709,719 | 11,604,261 | 5,033,848 | ||||||||||||
| Total loss from discontinued operations | (207,701 | ) | (419,833 | ) | (466,864 | ) | (1,027,147 | ) | ||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 7,323,771 | $ | 2,289,886 | $ | 11,137,397 | $ | 4,006,701 | ||||||||
| Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||||||
| Continuing operations | $ | 0.48 | $ | 0.18 | $ | 0.74 | $ | 0.33 | ||||||||
| Discontinued operations | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||
| Basic earnings per share | $ | 0.47 | $ | 0.15 | $ | 0.71 | $ | 0.26 | ||||||||
| Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||||||
| Continuing operations | $ | 0.47 | $ | 0.18 | $ | 0.73 | $ | 0.33 | ||||||||
| Discontinued operations | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||
| Diluted earnings per share | $ | 0.46 | $ | 0.15 | $ | 0.70 | $ | 0.26 | ||||||||
| Dividends declared per common and redeemable preferred shares | $ | 0.085 | $ | 0.085 | $ | 0.17 | $ | 0.17 | ||||||||
| Weighted average number of common shares used in the determination of: | ||||||||||||||||
| Basic earnings per share | 15,736,041 | 15,285,523 | 15,729,852 | 15,285,523 | ||||||||||||
| Diluted earnings per share | 15,907,440 | 15,436,421 | 15,899,923 | 15,435,956 | ||||||||||||
