AquaVenture Holdings Limited (WAAS) Misses Q1 EPS by 1c, Revenues Beat; Offers FY19 Revenue Outlook

AquaVenture Holdings Limited (NYSE: WAAS) reported Q1 EPS of ($0.21), $0.01 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $46.6 million versus the consensus estimate of $45.63 million.

For the three months ended March 31, 2019:

• Total revenues of $46.6 million reflected a 43.2% increase over the prior year period, comprised of an increase of 48.8% and 36.4% in the Quench and Seven Seas Water segments, respectively.
• Net loss of $5.7 million, or ($0.21) per share, compared to net loss of $6.3 million, or ($0.24) per share, in the prior year period.
• Adjusted EBITDA was $16.5 million, a 60.0% increase over the prior year period. Adjusted EBITDA Margin was 35.5%, an improvement of 380 basis points.
• Adjusted EBITDA plus principal collected on the Peru construction contract increased 54.7% to $17.8 million from $11.5 million in the prior year period.

Tony Ibarguen, AquaVenture’s President and Chief Executive Officer announced: “AquaVenture started off 2019 with another quarter of exciting results, growing year-over-year revenues by 43.2% and year-over-year Adjusted EBITDA by 60.0%. This growth reflects the successful execution of our strategic 2018 acquisitions in combination with robust organic performance. The Quench team had an impressive quarter with just over 12% organic year-over-year growth, while integrating the Q4 2018 acquisition of PHSI. Seven Seas Water also made great progress in the integration of AUC, and we announced an important amendment of our agreement with Limetree Bay Terminals in the U.S. Virgin Islands. This extends our customer relationship until 2024 and will expand the water production capacity later this year from 0.7 million gallons per day currently to 1.7 million gallons per day. We are very pleased with our start to the year and are committed to driving growth in both businesses as we continue to expand our water-as-a-service solutions to more customers, in more locations, and with a broader array of product offerings. We will remain focused on driving value for our shareholders and creating clean water solutions for customers around the world.”

GUIDANCE:

AquaVenture Holdings Limited sees FY2019 revenue of $190-197 million, versus the consensus of $193.18 million.

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

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