Artesian Resources Corporation Reports Second Quarter and Year-to-Date 2024 Results
Artesian Resources (Nasdaq: ARTNA) reported strong financial results for Q2 and H1 2024. Key highlights include:
- Q2 net income increased 19.9% to $5.3 million
- Q2 diluted EPS rose 18.2% to $0.52
- Q2 revenues grew 8.6% to $27.4 million
- H1 net income up 19.5% to $9.7 million
- H1 diluted EPS increased 13.1% to $0.95
- H1 revenues rose 8.8% to $52.0 million
The company benefited from a rate increase, customer growth, and increased water consumption due to warmer weather. Artesian invested $18.4 million in infrastructure projects during H1 2024, focusing on PFAS treatment, facility upgrades, and expanding water and wastewater services.
Artesian Resources (Nasdaq: ARTNA) ha riportato risultati finanziari solidi per il secondo trimestre e per il primo semestre del 2024. Tra i principali punti salienti:
- L'utile netto del Q2 è aumentato del 19,9% a $5,3 milioni
- L'EPS diluito del Q2 è salito del 18,2% a $0,52
- I ricavi del Q2 sono cresciuti dell'8,6% a $27,4 milioni
- L'utile netto del primo semestre è aumentato del 19,5% a $9,7 milioni
- L'EPS diluito del primo semestre è cresciuto del 13,1% a $0,95
- I ricavi del primo semestre sono saliti dell'8,8% a $52,0 milioni
La società ha beneficiato di un aumento delle tariffe, della crescita dei clienti e di un aumento del consumo d'acqua a causa del clima più caldo. Artesian ha investito $18,4 milioni in progetti infrastrutturali durante il primo semestre del 2024, concentrandosi sul trattamento PFAS, sull'aggiornamento delle strutture e sull'espansione dei servizi idrici e fognari.
Artesian Resources (Nasdaq: ARTNA) reportó resultados financieros sólidos para el segundo trimestre y el primer semestre de 2024. Aspectos destacados incluyen:
- Ingreso neto del Q2 aumentó un 19.9% a $5.3 millones
- EPS diluido del Q2 creció un 18.2% a $0.52
- Los ingresos del Q2 subieron un 8.6% a $27.4 millones
- Ingreso neto del primer semestre aumentó un 19.5% a $9.7 millones
- EPS diluido del primer semestre incrementó un 13.1% a $0.95
- Los ingresos del primer semestre crecieron un 8.8% a $52.0 millones
La compañía se benefició de un aumento de tarifas, crecimiento de clientes y un mayor consumo de agua debido al clima más cálido. Artesian invirtió $18.4 millones en proyectos de infraestructura durante el primer semestre de 2024, enfocándose en el tratamiento de PFAS, mejoras en las instalaciones y la expansión de los servicios de agua y saneamiento.
Artesian Resources (Nasdaq: ARTNA)는 2024년 2분기 및 상반기 강력한 재무 결과를 보고했습니다. 주요 요점은 다음과 같습니다:
- 2분기 순이익은 19.9% 증가한 530만 달러
- 2분기 희석 주당순이익(EPS)은 18.2% 증가한 0.52달러
- 2분기 매출은 8.6% 증가한 2740만 달러
- 상반기 순이익은 19.5% 증가한 970만 달러
- 상반기 희석 EPS는 13.1% 증가한 0.95달러
- 상반기 매출은 8.8% 증가한 5200만 달러
회사는 요금 인상, 고객 성장 및 따뜻한 날씨로 인한 물 소비 증가로 혜택을 받았습니다. Artesian은 2024년 상반기 동안 PFAS 처리, 시설 업그레이드 및 물과 폐수 서비스 확대에 집중하여 1840만 달러를 인프라 프로젝트에 투자했습니다.
Artesian Resources (Nasdaq: ARTNA) a rapporté de solides résultats financiers pour le deuxième trimestre et le premier semestre 2024. Les points forts comprennent:
- Le revenu net du T2 a augmenté de 19,9 % pour atteindre 5,3 millions de dollars
- Le BPA dilué du T2 a augmenté de 18,2 % pour atteindre 0,52 dollar
- Les revenus du T2 ont crû de 8,6 % pour atteindre 27,4 millions de dollars
- Le revenu net du premier semestre a augmenté de 19,5 % pour atteindre 9,7 millions de dollars
- Le BPA dilué du premier semestre a augmenté de 13,1 % pour atteindre 0,95 dollar
- Les revenus du premier semestre ont augmenté de 8,8 % pour atteindre 52,0 millions de dollars
L'entreprise a bénéficié d'une augmentation des tarifs, d'une croissance du nombre de clients et d'une consommation d'eau accrue en raison de la météo plus clémente. Artesian a investi 18,4 millions de dollars dans des projets d'infrastructure au cours du premier semestre 2024, en se concentrant sur le traitement des PFAS, la modernisation des installations et l'expansion des services d'eau et d'assainissement.
Artesian Resources (Nasdaq: ARTNA) berichtete über starke Finanzergebnisse für das zweite Quartal und das erste Halbjahr 2024. Wichtige Höhepunkte sind:
- Der Nettogewinn im Q2 stieg um 19,9% auf 5,3 Millionen USD
- Der verwässerte EPS im Q2 erhöhte sich um 18,2% auf 0,52 USD
- Die Umsätze im Q2 wuchsen um 8,6% auf 27,4 Millionen USD
- Der Nettogewinn im ersten Halbjahr stieg um 19,5% auf 9,7 Millionen USD
- Der verwässerte EPS im ersten Halbjahr nahm um 13,1% auf 0,95 USD zu
- Die Umsätze im ersten Halbjahr erhöhten sich um 8,8% auf 52,0 Millionen USD
Das Unternehmen profitierte von einer Tariferhöhung, dem Wachstum der Kunden und einem erhöhten Wasserverbrauch aufgrund wärmerer Witterungsbedingungen. Artesian investierte 18,4 Millionen USD in Infrastrukturprojekte im ersten Halbjahr 2024, wobei der Schwerpunkt auf der PFAS-Behandlung, der Modernisierung von Einrichtungen und der Erweiterung von Wasser- und Abwasser-Dienstleistungen lag.
- Q2 net income increased 19.9% to $5.3 million
- Q2 revenues grew 8.6% to $27.4 million
- H1 net income up 19.5% to $9.7 million
- H1 revenues rose 8.8% to $52.0 million
- Water sales revenue increased 9.0% in Q2 and 9.5% in H1
- Customer base expanded, leading to higher water consumption
- $18.4 million invested in infrastructure projects during H1 2024
- Operating expenses (excluding depreciation and income taxes) increased 4.3% in Q2 and 5.0% in H1
- Other income decreased due to lower AFUDC from reduced long-term construction activity
Insights
Artesian Resources 's Q2 2024 results show solid financial performance. Net income increased by
Artesian's Q2 results reflect the positive impact of regulatory actions and strategic investments. The temporary rate increase, later finalized by the Delaware Public Service Commission, has significantly boosted revenues. This regulatory success, coupled with customer growth and increased water consumption due to weather conditions, underscores the company's strong market position. The focus on PFAS treatment equipment and infrastructure renewal demonstrates Artesian's proactive approach to emerging water quality challenges and aging infrastructure issues. The
Artesian's investment in PFAS treatment equipment is a crucial strategic move. With increasing regulatory scrutiny on per- and polyfluoroalkyl substances (PFAS) in drinking water, Artesian is positioning itself ahead of potential new regulations. This proactive approach not only ensures compliance but also enhances water quality for customers. The company's focus on developing efficient and cost-effective water sources aligns with sustainability goals and could provide a competitive advantage. However, these investments may pressure short-term financials, as evidenced by the increase in operating expenses and depreciation. The
NEWARK, Del., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and a number of other related business services, today announced second quarter and year-to-date results for 2024.
Second Quarter Results
Net income was
Revenues totaled
Water sales revenue increased
Other utility operating revenue increased approximately
“We are pleased to see an increase in water sales revenue as a result of the increase in the number of customers served along with the rate increase for Delaware water customers. In addition, recent hotter and drier weather across much of the area raised customer demand,” said Dian C. Taylor, CEO. “Artesian remains committed to our strategic approach to capital investment, ensuring reliable service to our customers. The resolution of this rate case allows for recovery of the
Operating expenses, excluding depreciation and income taxes, increased
Depreciation and amortization expense increased
Federal and state income tax expense increased
Other income decreased
Interest charges decreased
Year-to-Date Results
Net income was
Revenues totaled
Water sales revenue increased
Other utility operating revenue increased approximately
Operating expenses, excluding depreciation and income taxes, increased
Depreciation and amortization expense increased
Federal and state income tax expense increased
Other income decreased
Interest charges decreased
Capital Expenditures
As part of Artesian’s ongoing effort to ensure high-quality reliable service to customers,
“Artesian remains steadfast in our commitment to provide high quality water service for our customers,” said Nicki Taylor, President of Artesian Water Company. “We continue to invest, as we have for over a decade, in PFAS treatment technology to remain ahead of new regulations while also strategically focusing on developing the most efficient and cost-effective sources of supply to meet current and future customer needs.”
About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and a number of other related core business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian Water Company supplies 8.8 billion gallons of water per year through 1,470 miles of main to over a third of Delawareans.
Forward Looking Statements
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, recovery of investments in water utility plant and increased operating costs in rates charged to customers, expectations regarding the cost and timing of planned infrastructure investments, the impact of weather on our operations, our growth strategy, our expectations regarding infrastructure investments, our enhanced wastewater operational efficiencies, and continued growth in our business and the number of customers served. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, failure to receive regulatory approval, changes in economic and market conditions generally and other matters discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company’s views as of any date subsequent to the date of this release.
Contact:
Nicki Taylor
Investor Relations
(302) 453-6900
ntaylor@artesianwater.com
Artesian Resources Corporation | |||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
(Unaudited) | |||||||||||||
Three months ended | Six months ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Operating Revenues | |||||||||||||
Water sales | $ | 22,501 | $ | 20,636 | $ | 42,326 | $ | 38,652 | |||||
Other utility operating revenue | 3,288 | 3,032 | 6,303 | 5,848 | |||||||||
Non-utility operating revenue | 1,627 | 1,583 | 3,331 | 3,246 | |||||||||
27,416 | 25,251 | 51,960 | 47,746 | ||||||||||
Operating Expenses | |||||||||||||
Utility operating expenses | 12,179 | 11,626 | 24,136 | 22,899 | |||||||||
Non-utility operating expenses | 1,145 | 1,122 | 2,261 | 2,206 | |||||||||
Depreciation and amortization | 3,425 | 3,215 | 6,889 | 6,439 | |||||||||
State and federal income taxes | 1,945 | 1,593 | 3,627 | 2,906 | |||||||||
Property and other taxes | 1,524 | 1,487 | 3,130 | 3,027 | |||||||||
20,218 | 19,043 | 40,043 | 37,477 | ||||||||||
Operating Income | 7,198 | 6,208 | 11,917 | 10,269 | |||||||||
Allowance for funds used during construction | 367 | 588 | 653 | 1,046 | |||||||||
Miscellaneous | (65 | ) | (12 | ) | 1,508 | 1,591 | |||||||
Income Before Interest Charges | 7,500 | 6,784 | 14,078 | 12,906 | |||||||||
Interest Charges | 2,175 | 2,341 | 4,342 | 4,758 | |||||||||
Net Income | $ | 5,325 | $ | 4,443 | $ | 9,736 | $ | 8,148 | |||||
Weighted Average Common Shares Outstanding - Basic | 10,293 | 9,998 | 10,290 | 9,752 | |||||||||
Net Income per Common Share - Basic | $ | 0.52 | $ | 0.44 | $ | 0.95 | $ | 0.84 | |||||
Weighted Average Common Shares Outstanding - Diluted | 10,295 | 10,002 | 10,293 | 9,757 | |||||||||
Net Income per Common Share - Diluted | $ | 0.52 | $ | 0.44 | $ | 0.95 | $ | 0.84 | |||||
Artesian Resources Corporation | |||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
June 30, | December 31, | ||||||||||||
2024 | 2023 | ||||||||||||
Assets | |||||||||||||
Utility Plant, at original cost less | |||||||||||||
accumulated depreciation | $ | 723,823 | $ | 714,284 | |||||||||
Current Assets | 29,140 | 30,617 | |||||||||||
Regulatory and Other Assets | 30,168 | 21,931 | |||||||||||
$ | 783,131 | $ | 766,832 | ||||||||||
Capitalization and Liabilities | |||||||||||||
Stockholders' Equity | $ | 234,416 | $ | 230,397 | |||||||||
Long Term Debt, Net of Current Portion | 177,493 | 178,307 | |||||||||||
Current Liabilities | 22,434 | 22,414 | |||||||||||
Advances for Construction | 2,593 | 2,797 | |||||||||||
Contributions in Aid of Construction | 260,769 | 247,934 | |||||||||||
Other Liabilities | 85,426 | 84,983 | |||||||||||
$ | 783,131 | $ | 766,832 |
FAQ
What was Artesian Resources 's (ARTNA) net income for Q2 2024?
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