Consolidated Water Co. Ltd. (NASDAQ:CWCO) Q2 2022 Earnings Conference Call August 12, 2022 11:00 AM ET
Company Participants
Frederick McTaggart - CEO
David Sasnett - CFO
Conference Call Participants
John Bair - Ascend Wealth Advisors
Steve Percoco - Lark Research
Philippe Auclaire - PJ Auclaire & Associates
Operator
Good morning. Thank you for joining us today to discuss Consolidated Water Company Second quarter 2022 Results.
Hosting the call today is Chief Executive Officer of Consolidated Water Company, Rick McTaggart, and the company's Chief Financial Officer, David Sasnett. Following the remarks, we'll open the call for your questions.
[Operator instructions] Before the call concludes today, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone today's call is being recorded and 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, Nick, and good morning, everyone. Thanks for joining us today. As noted in our earnings release issued yesterday afternoon, we reported dramatically improved results for the second quarter of 2022 compared to last year. Our total revenue for the quarter increased by 26% to $21.1 million. This contributed to the increase in our net income from continuing operations of -- to $2.7 million or $0.18 per share.
Our retail segment revenue grew by 15% to $6.5 million, and this increase resulted from the significant easing of travel restrictions to the Cayman Islands for tourists and the reopening of large hotels and other vacation properties on the island earlier this year. And this drove increased water consumption by tourism industry-related businesses.
Our bulk segment revenue increased by $1.7 million to $8.4 million and contributed operating income of $2.4 million. Our services segment revenue increased by $1.3 million to $5.1 million with this contributing operating income of $356,000. We are very encouraged by the trends that drove these results.
Our manufacturing segment, however, continues to struggle with supply chain issues and the currently weak economic environment. But we are optimistic that this segment will report improved results in the latter half of this year based on our current contracted backlog.
So also during the quarter, we announced 2 major contract wins. In May, pursuant to a competitive bid process, we were awarded a contract by the Water Authority of the Cayman Islands to design and build a new 2.64 million gallon per day seawater desalination plant on Grand Cayman. Following the construction and sale of this plant to the Water Authority, we will operate the plant and deliver the water produced to the Water Authority for 10 years.