Global Water Q3 revenue +11%, net income +12.6%; ACC approves Farmers Water acquisition

Global Water Resources, Inc.

2022-Q3 EPS reported $0.20 revenue$33,629,000

Regulated revenue $11.9M (+11%); net income $1.7M ($0.07 EPS, +12.6%); Adj. EBITDA $6.1M (+21%).
Active connections up 8.0% to 56,134; new rates phased-in from Aug 1, expected annualized rev increase ~$2.2M.
ACC verbally approved Farmers Water Co. acquisition on Nov 9; signed order expected by year-end.
Raised ~$14.9M from public offering; credit line increased from $10M to $15M.
Declared monthly dividend of $0.02458/share ($0.29496 annualized), unchanged from prior quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Global Water Resources, Inc. reported the third quarter ended September 30, 2022 results: revenue $11.9 million, net income $1.7 million, EPS $0.07 per share.

Period: the third quarter ended September 30, 2022
Revenue: $11.9 million
Net income: $1.7 million
EPS: $0.07 per share
Result: reported results

Exact text from the filing

• Regulated revenues increased $1.2 million, or 11.0%, to $11.9 million during the third quarter of 2022 with the growth driven primarily by an 8.0% increase in active service connections and an increase in rates effective August 1, 2022, due to Rate Decision No. 78644. For the first nine months of 2022, regulated revenues increased $2.8 million or 8.9% to $33.6 million, with the increase also corresponding to the greater number of active service connections and the increase in rates. • Net income increased $0.2 million or 12.6% to $1.7 million or $0.07 per share in the third quarter. In the first nine months, net income totaled $4.7 million or $0.20 per share, an increase of $1.4 million or 43.5% compared to the same year-ago period.

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Global Water Resources, Inc. filing history →

Source: SEC EDGAR

accession 0001434728-22-000367

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