The following is a summary of the Global Water Resources, Inc. (GWRS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Total Q2 revenue was $13.5 million, an increase of 3.9% from Q2 2023.

• Operating expenses for Q2 increased by approximately $700,000 or 7.2%, primarily due to increased costs in maintenance, medical expenses, and salaries.

• Net income for Q2 was $1.7 million, consistent with Q2 of the previous year.

Business Progress:

• Total active service connections rose by 4.9% year-over-year.

• $12.2 million was invested into infrastructure in the first half of 2024 to enhance utility reliability and safety.

• Significant urban and industrial developments were highlighted in the metro areas serviced, expected to aid future growth.

• Rate cases for different districts were pursued to align prices with the increased service and operational costs.

Opportunities:

• There remains a robust demand for housing in Metro Phoenix due to net immigration and job growth, suggesting stable future demand for water services.

• The shift to high-density multifamily housing and commercial projects in Maricopa, represented by a 273% increase in multifamily building permits, indicates growing business opportunities in these sectors.

• Arizona's booming industrial sector, including expansions by major tech firms, presents potential service expansion opportunities.

Risks:

• High inflation and other cost increase factors have impacted earnings growth, though rate adjustments are being pursued to manage this.

• Interest rate fluctuations might influence the construction sector, potentially affecting the demand for water services.

More details: Global Water Resources IR

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