From GlobeNewswire: 2025-03-05 18:20:28

Global Water Resources, Inc. reported a 4.9% increase in regulated revenue to $52.7 million for the full year ended December 31, 2024. Net income decreased by 27.5% to $5.8 million, with adjusted net income increasing by 2.0% to $6.3 million. The company invested $32.3 million in infrastructure projects and filed for a general rate case application for two of its utilities. Additionally, Global Water appointed a new EVP of engineering and environmental resources to support ongoing efforts for regional expansion. The company also announced an increase in its dividend to $0.30396 per share on an annualized basis.

In operational highlights, total active service connections increased by 4.4% to 64,520 at December 31, 2024, while water consumption increased by 3.3% to 4.16 billion gallons in 2024. The company filed a general rate case application related to two of its utilities, requesting a net increase in annual revenues of $6.5 million, with proposed phases to be implemented in 2026 and 2027. Global Water also received a permit to provide water service to seven isolated public water systems formerly receiving service from the City of Tucson.

Global Water’s management commented on their growth strategy, focusing on increasing service connections, improving operating efficiencies, and implementing strategic rate adjustments. The company is positioned to benefit from the growth expected in the Phoenix metropolitan area, with an increasing rate of organic growth. Population and economic trends in Arizona’s Sun Corridor are positive, with growth projected in both single-family and multi-family housing permits. Global Water is committed to providing exceptional water service and expanding and consolidating water and wastewater utilities to benefit communities and enhance shareholder value.



Read more at GlobeNewswire: Global Water Resources Reports Full Year 2024 Results