Global Water Resources Q1 revenue up 31% to $13.1M; net income rises 177% to $2.5M

Global Water Resources, Inc.

2023-Q1 EPS reported $0.10 revenue$13,128,000

Revenue $13.1M (+30.9% YoY) driven by $2.3M of ICFA fees and rate increases; net income $2.5M ($0.10 EPS) vs $0.9M ($0.04).
Active connections up 8.7% to 59,809; acquired Farmers Water utility (~3,300 connections) in Pima County, AZ in Feb 2023.
Adjusted EBITDA fell 5.7% to $4.9M due to lower Buckeye growth premiums; operating expenses up 7.9% to $9.4M.
Monthly dividend maintained at $0.02483/share ($0.29796 annualized); payable May 31, 2023 to holders of record May 17.
Management cites strong Arizona job growth and major manufacturing investments (TSMC, Intel, P&G) supporting long-term growth.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Global Water Resources, Inc. reported first quarter ended March 31, 2023 results: revenue $13.1 million, net income $2.5 million, EPS $0.10 per share.

Period: first quarter ended March 31, 2023
Revenue: $13.1 million
Net income: $2.5 million
EPS: $0.10 per share
Result: reported results

Exact text from the filing

call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below). Q1 2023 Financial Highlights • Total revenue increased $3.1 million, or 30.9%, to $13.1 million, which included $2.3 million of unregulated revenues. • Net income increased $1.6 million, or 177.4%, to $2.5 million, or $0.10 per share. • Declared three monthly cash dividends

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Global Water Resources, Inc. filing history →

Source: SEC EDGAR

accession 0001434728-23-000155

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