Consolidated Water Co. Ltd Increases Dividend to $0.11
Consolidated Water Co. Ltd Declares Increased Quarterly Dividend
Consolidated Water Co. Ltd (NASDAQ: CWCO), a prominent designer, builder, and operator of advanced water supply and treatment plants, has announced an increase in its quarterly cash dividend. The company declared a dividend of $0.11 per share for the upcoming fourth quarter.
Details of the Dividend Declaration
This newly declared dividend represents a notable increase of 15.8% compared to the third quarter of 2024, during which the dividend was set at $0.095 per share. Shareholders can expect to receive this cash dividend on the designated payment date of October 31, 2024. To be eligible for the dividend, shareholders must hold shares by the close of business on October 1, 2024.
Management's Insights
Rick McTaggart, the President and CEO of Consolidated Water, attributed the company's ability to increase the dividend to improved sales from their Caribbean operations and the successful resolution of a significant arbitration matter in Mexico. McTaggart emphasized that the enhanced cash flow and positive outlook prompted the board of directors to make this decision to benefit stockholders.
Financial Performance Overview
In addition to the dividend declaration, Consolidated Water Co. Ltd has reported a revenue increase to $32.5 million, alongside earnings per share of $0.99 for the second quarter of 2024. This strong financial performance reflects the effective management and expansion of the company's operational capabilities.
Company Background
Consolidated Water Co. Ltd specializes in the development and operation of cutting-edge water supply and treatment plants, as well as water distribution systems. The company has established a significant presence in the Caribbean with seawater desalination facilities located in the Cayman Islands, The Bahamas, and the British Virgin Islands. Moreover, it is expanding its footprint in the United States by entering the U.S. desalination market with a recent contract for a seawater desalination plant in Hawaii.
Operational Capabilities and Services
The company's expertise not only includes the construction and operation of desalination plants but also encompasses a wide array of services related to municipal and industrial water production, treatment, and management of wastewater systems. Consolidated Water provides design, engineering, and operational services tailored to meet the demands of both commercial and municipal entities.
Contact Information
For inquiries, David W. Sasnett, the Executive Vice President and CFO, can be reached at (954) 509-8200. Investors and media members can also contact Ron Both or Grant Stude from CMA Investor & Media Relations at (949) 432-7566 for further assistance.
Frequently Asked Questions
What is the new dividend amount declared by Consolidated Water Co. Ltd?
The new dividend amount is set at $0.11 per share for the fourth quarter of 2024.
Why has the dividend increased from the previous quarter?
The increase is attributed to improved sales from Caribbean operations and favorable cash flow outcomes.
When will the dividend be paid?
The cash dividend will be payable on October 31, 2024, to shareholders of record by October 1, 2024.
What are the recent financial results reported by the company?
Consolidated Water reported revenue of $32.5 million and earnings per share of $0.99 in the second quarter of 2024.
What services does Consolidated Water Co. Ltd provide?
The company operates water supply and treatment plants and offers design, engineering, and management services related to water production and wastewater treatment.
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