Top Companies in Water: Financial Signals and Market Trends, Q3 2023

28 Sep 2023
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Water markets, globally, are in transition with critical inputs being influenced by inflation, climate change, the Ukraine-Russia conflict, and a range of geopolitical and economic shifts. These factors are evident in company financial reports and presentations. 

For this reason, Bluefield Research’s team of water experts supports clients with ongoing quarterly analysis of identifiable trends and market signals highlighted in the financial reports (e.g., 10-K, 10-Q), investor calls, and presentations of publicly traded companies holding positions in water, wastewater, and stormwater for the municipal and industrial sectors.

In the last reporting cycle, 38 of the 50 top public companies reported growth in quarterly earnings compared to the same period in the prior year. Of the six reporting segments, Hardware & Infrastructure saw the highest number of companies (five) with revenue declines, shaped by supply chain disruptions and slowdowns in new construction and residential housing end markets.

In this Quarterly Review:

  • Firms are reporting a slowdown in the Chinese end market
  • Energy Recovery reported the largest quarterly revenue decline (-39.3%), due to supply chain disruptions and the timing of shipments
  • Consolidated Water, Tetra Tech, and Badger Meter produced some of the largest quarterly revenue gains of 110.0%, 35.8%, and 27.6%, respectively
  • Water treatment providers and engineering firms anticipate an uptick in PFAS-related projects bolstered by the U.S. Environmental Protection Agency’s proposed regulations

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