Consolidated Water Co. Ltd. (NASDAQ:CWCO) Q2 2024 Earnings Conference Call August 15, 2024 11:00 AM ET
Company Participants
Frederick McTaggart - CEO
David Sasnett - CFO
Conference Call Participants
Gerard Sweeney - ROTH Capital
Operator
Good morning, everyone. Thank you for joining us today to discuss the results for Consolidated Water's Second Quarter of 2024.
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 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 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 floor over to Consolidated Water Company's CEO, Rick McTaggart. Sir, please go ahead.
Frederick McTaggart
Thank you, Jamie, good morning, everyone. Thank you for joining us today to discuss our financial and operating results for the second quarter of 2024.
As you saw in our release issued yesterday, we reported revenue of $32.5 million for the quarter. Our Retail segment revenue benefited from a 10% increase in the volume of water sold to customers in our exclusive utility service area on Grand Cayman, resulting from continued resident population growth and lower rainfall amounts during the quarter. This increased our retail revenue by 8% to $8.2 million for the quarter.
Our Bulk and Manufacturing segments both had relatively consistent revenues, compared with last year. Our services segment was down by about half, due to the anticipated reduction in construction-related revenue as the Grand Cayman and Arizona design-build projects were completed earlier this year. Our construction of the $81 million water treatment plant in Goodyear, Arizona, was substantially completed in the first quarter. We are currently finishing up minor site works, and punch list items and expect final completion of this design build contract by the end of the third quarter.
Also during the second quarter, we completed the construction and commissioning of the new 2.6 million gallon per day Red Gate desalination plant in Grand Cayman, for the Water Authority of the Cayman Islands. In May, we began operating this facility under a 10-year operations and maintenance agreement, which will fall - revenues from that will fall within our Bulk segment.