Consolidated Water Co. Ltd. (NASDAQ:CWCO) Q1 2022 Earnings Conference Call May 13, 2022 11:00 AM ET
Company Participants
Rick McTaggart - CEO
David Sasnett - CFO
Conference Call Participants
Gerry Sweeney - ROTH Capital
John Bair - Ascend Wealth Advisors
Operator
Good morning. Thank you for joining us today to discuss Consolidated Water Company's First Quarter 2022 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'll 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 will be recorded, and it will be made available for telecom replay for 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. Please go ahead, sir.
Rick McTaggart
Thank you, Chad and good morning, everyone thanks for joining us today. As you saw in our earnings release issued yesterday evening, our first quarter of 2022 showed great improvements across three of our four business segments, specifically our retail, bulk and services segment.
Unfortunately, the results of our manufacturing segment came in below last year's level, largely due to adverse global economic conditions, including, but not limited to, increasing raw materials prices, increasing human resource costs, tight labor markets and extended and unexpected delays in the procurement and delivery of raw materials and equipment.
We believe these global - these are adverse global economic conditions have also resulted in product order delays from our existing and prospective customers. However as I mentioned, we made strong progress in other areas of our business that bodes well for our future results.
Our total revenue for the first quarter increased 14% to $19.6 million. This top line growth helped increase net income from continuing operations attributable to our stockholders by 79%, reaching $2.3 million or $0.15 per share.
Our Retail segment revenue increased by $602,000 which, was a result of increased tourism activity due to the easing of travel restrictions to Grand Cayman for vaccinated travellers, which occurred earlier this year.
Our Bulk segment, revenue increased by $1.1 million and Bulk segment operating income increased by $638,000. Our operating -- sorry our Services segment revenue increased by $1.2 million, with operating income up for that segment by $231,000.