AquaVenture Holdings Limited (WAAS) Misses Q1 EPS by 1c; Offers FY18 Guidance

AquaVenture Holdings Limited (NYSE: WAAS) reported Q1 EPS of ($0.24), $0.01 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $32.5 million versus the consensus estimate of $31.95 million.

Highlights

For the three months ended March 31, 2018:

• Total revenues of $32.5 million reflected a 12.3% increase over the same period of 2017, comprised of 20.1% and 4.2% increases in the Quench and Seven Seas Water segments, respectively.
• Net loss was $6.3 million, or ($0.24) per share, compared to a net loss of $6.0 million, or ($0.23) per share, in the same period of 2017.
• Adjusted EBITDA was $10.3 million, a 17.5% increase over the same period of 2017. Adjusted EBITDA Margin was 31.7%, an improvement of 140 basis points over 30.3% in the prior year period.
• Adjusted EBITDA plus principal collected on the Peru construction contract increased 16.5% to $11.5 million from $9.9 million in the same period of 2017.
• Quench completed three acquisitions, acquiring substantially all the point-of-use water filtration assets of Clarus Services and Watermark USA in January, and Wa-2 Water in March.
• In February, Seven Seas Water entered into two agreements: one for the purchase of a majority interest in a desalination plant in Accra, Ghana and the other for the purchase of a seawater reverse osmosis plant in Long Island, The Bahamas.

2018 Outlook

For the full year 2018 outlook, the Company reaffirms that it expects to achieve the following financial results:

• Revenues between $131 million and $136 million;
• Adjusted EBITDA between $42 million and $47 million;
• Principal collected on the Peru construction contract is projected to be $4.9 million; and
• Adjusted EBITDA plus the principal collected on the Peru construction contract between $47 million and $52 million.

For earnings history and earnings-related data on AquaVenture Holdings Limited (WAAS) click here.

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