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Global Water (GWRS) Posts Loss in Q2, Misses on Revenues

Zacks Equity Research
Updated

Global Water Resources, Inc. GWRS second-quarter adjusted loss per share of 1 cent. However, the Zacks Consensus Estimate was earnings of 2 cents.

Total Revenue

Second-quarter total revenue of $7.6 million lagged the Zacks Consensus Estimate of $8 million by 5%. Quarterly revenues were also down 16.5% year over year.

Segmental Highlights

Water Services registered revenues of $3.6 million in the second quarter, down from $5.1 million in the prior-year quarter.

Wastewater and Recycled Water Services’ revenues came in at $3.9 million, up from $3.8 million in the year-ago period.

Unregulated revenues amounted to $0.02 million, down from $0.18 million in second-quarter 2015.

GLOBL WATER RES Price, Consensus and EPS Surprise

GLOBL WATER RES Price, Consensus and EPS Surprise | GLOBL WATER RES Quote

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Highlights of the Release

Total operating expenses in the reported quarter decreased marginally to $6.7 million primarily due to lower operations and maintenance expenditure.

Operating income came in at $0.83 million in the second quarter of 2016, down from $2.3 million in the prior-year quarter.

Interest expenses significantly increased to $7.5 million from $2.1 million in the year-ago quarter.

Financial Highlights

Cash and cash equivalents were $25.6 million as of Jun 30, 2016, up from $11.5 million as of Dec 31, 2015.

Long-term debt and capital leases was $114.5 million as of Jun 30, 2016, up from $102.4 million as of Dec 31, 2015.

For the first six months of 2016, cash used in operating activities was $2.5 million compared with cash of $0.76 million provided by operating activities.

Capital expenditure in the first six months of 2016 amounted to $2.6 million, up from $1.1 million in the prior-year period.

Excluding the impact of the divestiture of the Valencia and Willow Valley assets, active service connections increased by 36.8 thousand, up 1.4% from the tally at Dec 31, 2015.

Peer Releases

Aqua America Inc.’s WTR second-quarter earnings of 33 cents per share were on par with the Zacks Consensus Estimate.

California Water Service Group’s CWT second-quarter 2016 operating earnings per share of 24 cents lagged the Zacks Consensus Estimate of 26 cents by 7.7%.

SJW Corp.’s SJW second-quarter 2016 operating earnings per share of 66 cents surpassed the Zacks Consensus Estimate of 41 cents by 60.9%.

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CALIF WATER SVC (CWT): Free Stock Analysis Report
 
SJW CORP (SJW): Free Stock Analysis Report
 
AQUA AMER INC (WTR): Free Stock Analysis Report
 
GLOBL WATER RES (GWRS): Free Stock Analysis Report
 
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Zacks Investment Research