Caribbean Utilities Company, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 27, 2023 at 07:23 pm EDT
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Caribbean Utilities Company, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 73.57 million compared to USD 79.03 million a year ago. Revenue was USD 73.57 million compared to USD 79.03 million a year ago. Net income was USD 13.94 million compared to USD 10.42 million a year ago. Basic earnings per share from continuing operations was USD 0.36 compared to USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 0.36 compared to USD 0.28 a year ago.
For the nine months, sales was USD 212.52 million compared to USD 188.84 million a year ago. Revenue was USD 212.52 million compared to USD 188.84 million a year ago. Net income was USD 29.14 million compared to USD 24.22 million a year ago. Basic earnings per share from continuing operations was USD 0.76 compared to USD 0.64 a year ago. Diluted earnings per share from continuing operations was USD 0.76 compared to USD 0.64 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. 
