The following is a summary of the Global Water Resources, Inc. (GWRS) Q3 2024 Earnings Call Transcript:
Financial Performance:
Total Q3 2024 revenue was $14.3 million, a slight decrease of 1.5% year-over-year.
Net income for Q3 2024 was $2.9 million, up from $2.6 million in Q3 2023, reflecting a 11.5% increase.
Adjusted EBITDA rose by 7.2% to $8.2 million compared to $7.6 million in Q3 2023.
Business Progress:
A 4.7% increase in active service connections from the previous year.
Invested $19.2 million into infrastructure enhancements for improved service reliability.
Strong growth in multi-family housing permits in Maricopa, indicating robust future demand.
Continued commitment to large-scale multifamily, commercial, and industrial projects, especially in metro-Phoenix.
Opportunities:
Potential growth in regions with high multifamily and commercial developments due to urban expansion and economic development in Arizona.
The expectation of continued immigration and job creation likely to spur the need for increased water utility services.
Risks:
High inflation and other cost drivers that are impacting earnings growth and might necessitate a rate adjustment.
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