Consolidated Water Co. Ltd. (NASDAQ:CWCO) Q2 2023 Earnings Conference Call August 11, 2023 11:00 AM ET
Company Participants
Frederick McTaggart - President, CEO & Director
David Sasnett - EVP & CFO
Conference Call Participants
Gerry Sweeney - ROTH Capital
Operator
Good morning. Thank you for joining us today to discuss Consolidated Water Company's Second Quarter of 2023 Results. Hosting the call today is the Chief Executive Officer of Consolidated Water Company, Rick McTaggart; and the company's Chief Financial Officer, David Sasnett. Following their remarks, we will open the call to your questions. [Operator Instructions]
Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded, and it will be made available for telecom replay per the instructions in yesterday's press release, which is available in the Investor Relations section of the company's website.
Now I'd like to turn the call over to Consolidated Water Company's CEO, Rick McTaggart. Sir, please go ahead.
Frederick McTaggart
Thank you, Joe, and good morning, everyone. Thanks for joining us today to discuss our results for the second quarter of 2023. It's extremely gratifying for me to mark the company's 50th anniversary this month, by reporting record quarterly revenues and earnings. As you saw in our release issued yesterday, we reported a 110% increase in revenues to $44.2 million with revenue up across all four of our business segments. Our top line results reflect increased activity and output by all of our business segments.
Our retail water segment benefited from a 14% increase in the volume of water sold in Grand Cayman. We attribute the sales increase to improved tourist activity on Grand Cayman. As tourism on the island last year was lower than historical levels due to the lingering impact of the pandemic.
Our services segment revenue increased by $19 million in the second quarter was $17.6 million in revenue from our progress on the construction of the $82 million advanced water treatment plant in Goodyear, Arizona that we announced in May of last year. Construction on that project is progressing as planned and we anticipate generating significant additional revenue until it's construction, commissioning and start-up is completed in mid-2024.
PERCs continued strong operating performance, revenue growth and synergies with other areas of our business have significantly improved our top and bottom line. Its strong operational presence in the Southwestern U.S., a region that urgently needs new freshwater sources due to unprecedented drought conditions has positioned us for further growth in this important segment of our business.