Caribbean Utilities Company, Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:42 pm EDT
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Caribbean Utilities Company, Ltd. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 67.87 million compared to USD 58.17 million a year ago. Revenue was USD 67.87 million compared to USD 58.17 million a year ago. Net income was USD 9.99 million compared to USD 8.31 million a year ago. Basic earnings per share from continuing operations was USD 0.26 compared to USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.26 compared to USD 0.22 a year ago.
For the six months, sales was USD 138.95 million compared to USD 109.81 million a year ago. Revenue was USD 138.95 million compared to USD 109.81 million a year ago. Net income was USD 15.2 million compared to USD 13.8 million a year ago. Basic earnings per share from continuing operations was USD 0.4 compared to USD 0.36 a year ago. Diluted earnings per share from continuing operations was USD 0.4 compared to USD 0.36 a year ago.
Caribbean Utilities Company, Ltd. is a Cayman Islands-based company engaged in generating, transmitting, and distributing electricity in its license area of Grand Cayman, Cayman Islands. The Company uses diesel generation to produce electricity for Grand Cayman. Its power system consists of 20 generating units, including 17 diesel engines, two gas turbines and one steam turbine with a combined capacity of approximately 166 megawatts (MW). In addition, it has four mobile units each with a capacity of about 1.5 MW. Its transmission and distribution system consists of about eight transformer substations, approximately 387 miles of overhead high-voltage (69 kilovolt and 13 kilovolt) and 53.8 miles of underground high-voltage (69 kilovolt and 13 kilovolt) T&D lines and 14 miles of high-voltage submarine cable in Grand Cayman. Its generating plant, transformer substations, office building, hurricane center, warehouse, fuel tanks and garage are all located on approximately 28.6 acres of land.
CARIBBEAN UTILITIES COMPANY, LTD. 
