Global Water Resources Q1: regulated revenue up 6.9%, net income falls on ICFA timing

Global Water Resources, Inc.

2024-Q1 EPS reported $0.03 revenue$11,610,000

Total revenue $11.6M (-11.6% YoY); regulated revenue $11.6M (+6.9%) on 4.4% more connections (62,451).
Net income $0.7M ($0.03 EPS) vs $2.5M ($0.10) YoY, due to $2.3M ICFA revenue in Q1 2023 not recurring.
Adjusted EBITDA $5.4M, up 4.5% YoY; monthly dividend maintained at $0.02508/share ($0.30096 annualized).
Subsidiary agreed to buy 7 water systems from City of Tucson for $8.4M cash, serving ~2,200 connections.
Saguaro District rate case settlement hearing held; ACC decision expected June 11, 2024.

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 0.95

Global Water Resources, Inc. reported the first quarter ended March 31, 2024 results: revenue total revenue decreased $1.5 million or 11.6% to $11.6 million, net income Net income was $0.7 million or $0.03 per share, EPS $0.03 per share.

Period: the first quarter ended March 31, 2024
Revenue: total revenue decreased $1.5 million or 11.6% to $11.6 million
Net income: Net income was $0.7 million or $0.03 per share
EPS: $0.03 per share
Result: reported results

Exact text from the filing

will hold a conference call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below). Q1 2024 Financial Highlights • Total revenue decreased $1.5 million or 11.6% to $11.6 million, primarily attributable to the recognition of $2.3 million in unregulated revenue related to infrastructure coordination and financing agreements

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Source: SEC EDGAR

accession 0001434728-24-000155

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