Artesian Resources Corporation Reports Third Quarter and Year-To-Date 2024 Results
Artesian Resources (ARTNA) reported strong Q3 2024 results with net income of $6.8 million, up 34.4% year-over-year. Revenues increased 9.7% to $29.1 million, driven by a 11.3% rise in water sales revenue following a 15.2% rate increase approved by Delaware regulators. The company's year-to-date performance showed net income of $16.5 million, up 25.2%, with revenues reaching $81.1 million, a 9.1% increase. Capital expenditures of $30.9 million were invested in infrastructure projects during the first nine months of 2024, focusing on water quality initiatives and system improvements.
Artesian Resources (ARTNA) ha riportato risultati solidi per il Q3 2024, con un reddito netto di 6,8 milioni di dollari, in aumento del 34,4% rispetto all'anno precedente. I ricavi sono aumentati del 9,7% a 29,1 milioni di dollari, spinti da un aumento del 11,3% nel fatturato delle vendite d'acqua a seguito di un incremento tariffario del 15,2% approvato dai regolatori del Delaware. Le prestazioni dell'azienda da inizio anno hanno mostrato un reddito netto di 16,5 milioni di dollari, in aumento del 25,2%, con ricavi che hanno raggiunto 81,1 milioni di dollari, un incremento del 9,1%. Le spese in conto capitale di 30,9 milioni di dollari sono state investite in progetti infrastrutturali nei primi nove mesi del 2024, concentrandosi su iniziative per la qualità dell'acqua e miglioramenti del sistema.
Artesian Resources (ARTNA) reportó resultados sólidos en el Q3 2024, con un ingreso neto de 6,8 millones de dólares, un aumento del 34,4% interanual. Los ingresos crecieron un 9,7% hasta alcanzar los 29,1 millones de dólares, impulsados por un aumento del 11,3% en los ingresos por ventas de agua tras un incremento del 15,2% en las tarifas aprobado por los reguladores de Delaware. El rendimiento de la empresa hasta la fecha mostró un ingreso neto de 16,5 millones de dólares, un incremento del 25,2%, con ingresos que alcanzaron 81,1 millones de dólares, un aumento del 9,1%. Las inversiones de capital de 30,9 millones de dólares se destinaron a proyectos de infraestructura durante los primeros nueve meses de 2024, centrándose en iniciativas de calidad del agua y mejoras del sistema.
아르티지안 리소스 (ARTNA)는 2024년 3분기 강력한 실적을 보고하며, 순이익은 680만 달러로 전년 대비 34.4% 증가했습니다. 수익은 9.7% 증가하여 2910만 달러에 달하였으며, 이는 델라웨어 당국에서 승인한 15.2%의 요금 인상으로 인해 11.3% 증가한 수돗물 판매 수익에 의해 이끌어졌습니다. 회사의 연초부터의 성과는 순이익 1650만 달러(25.2% 증가), 수익은 8110만 달러(9.1% 증가)에 달했습니다. 자본 지출로 3090만 달러가 2024년 첫 아홉 달 동안 인프라 프로젝트에 투자되었으며, 수질 개선 이니셔티브와 시스템 개선에 중점을 두었습니다.
Artesian Resources (ARTNA) a rapporté des résultats solides pour le T3 2024, avec un revenu net de 6,8 millions de dollars, soit une augmentation de 34,4 % par rapport à l'année précédente. Les revenus ont augmenté de 9,7 % pour atteindre 29,1 millions de dollars, tirés par une hausse de 11,3 % des revenus des ventes d'eau suite à une augmentation tarifaire de 15,2 % approuvée par les régulateurs du Delaware. La performance de l'entreprise depuis le début de l'année a montré un revenu net de 16,5 millions de dollars, en hausse de 25,2 %, avec des revenus atteignant 81,1 millions de dollars, soit une augmentation de 9,1 %. Les dépenses d'investissement de 30,9 millions de dollars ont été investies dans des projets d'infrastructure au cours des neuf premiers mois de 2024, en mettant l'accent sur les initiatives de qualité de l'eau et les améliorations du système.
Artesian Resources (ARTNA) hat im Q3 2024 starke Ergebnisse gemeldet, mit einem Nettogewinn von 6,8 Millionen Dollar, was einem Anstieg von 34,4% im Vergleich zum Vorjahr entspricht. Die Einnahmen stiegen um 9,7% auf 29,1 Millionen Dollar, begünstigt durch einen Anstieg von 11,3% bei den Einnahmen aus Wasserverkäufen nach einer Genehmigung einer Preiserhöhung von 15,2% durch die Aufsichtsbehörden in Delaware. Die Unternehmensleistung bis dato zeigt einen Nettogewinn von 16,5 Millionen Dollar, was einem Anstieg von 25,2% entspricht, wobei die Einnahmen 81,1 Millionen Dollar erreichten, ein Anstieg von 9,1%. Investitionen in Anlagen in Höhe von 30,9 Millionen Dollar wurden in den ersten neun Monaten von 2024 in Infrastrukturprojekte investiert, mit Fokus auf Wasserqualitätsinitiativen und Systemverbesserungen.
- Net income increased 34.4% to $6.8 million in Q3 2024
- Revenue grew 9.7% to $29.1 million in Q3 2024
- Water sales revenue increased 11.3% due to rate increase and higher consumption
- Successfully implemented 15.2% rate increase approved by regulators
- Year-to-date revenue up 9.1% to $81.1 million
- Interest charges decreased due to lower borrowing levels
- Operating expenses increased 4.9% due to higher utility costs
- Non-utility operating expenses rose 8.1% due to higher repair costs
- Other income decreased due to lower construction activity
- Property and other taxes increased 4.6% due to higher tax rates
Insights
Artesian Resources delivered strong Q3 2024 results with
Key performance indicators show operational efficiency despite inflationary pressures. Operating expenses increased moderately at
The
The company's focus on automating meter reading equipment and upgrading pumping stations indicates a strategic push toward operational efficiency. These investments, combined with the expansion of their wastewater treatment capacity, position Artesian well for future growth and regulatory compliance.
NEWARK, Del., Nov. 04, 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 third quarter and year-to-date results for 2024.
Third Quarter Results
Net income was
Revenues totaled
Water sales revenue increased
Other utility operating revenue increased approximately
“We are pleased to report an increase in water sales revenues as a result of new customers served, higher customer consumption and the resolution of our Delaware water rate case. In addition to the increase in revenues, we continue to successfully manage expenses despite inflationary pressures and more stringent regulatory requirements,” said Dian C. Taylor, CEO.
Operating expenses, excluding depreciation and income taxes, increased
Non-utility operating expenses increased
Depreciation and amortization expense decreased
Federal and state income tax expense increased
Property and other taxes increased
Other income decreased
Year-to-Date Results
Net income was
Revenues totaled
Water sales revenue increased
Other utility operating revenue increased approximately
Non-utility operating revenue increased approximately
Operating expenses, excluding depreciation and income taxes, increased
Non-utility operating expenses increased
Depreciation and amortization expense increased
Federal and state income tax expense increased
Property and other taxes 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 continues to proactively invest in water quality initiatives, ahead of the evolving regulatory landscape, addressing matters such as PFAS contamination and lead in water service lines. With the EPA’s recent regulation concerning lead in water pipes, Artesian is working diligently to identify lead service lines throughout our system in order to mitigate any potential risks to customers,” said Nicki Taylor, President of Artesian Water Company.
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, the impact of weather on our operations, our belief regarding mitigating risks to customers related to EPA regulations, 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 | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating Revenues | |||||||||||||||
Water sales | $ | 24,092 | $ | 21,642 | $ | 66,419 | $ | 60,294 | |||||||
Other utility operating revenue | 3,358 | 3,235 | 9,661 | 9,083 | |||||||||||
Non-utility operating revenue | 1,692 | 1,693 | 5,022 | 4,940 | |||||||||||
29,142 | 26,570 | 81,102 | 74,317 | ||||||||||||
Operating Expenses | |||||||||||||||
Utility operating expenses | 12,125 | 11,590 | 36,261 | 34,488 | |||||||||||
Non-utility operating expenses | 1,213 | 1,122 | 3,474 | 3,328 | |||||||||||
Depreciation and amortization | 3,287 | 3,444 | 10,177 | 9,882 | |||||||||||
State and federal income taxes | 2,355 | 2,249 | 5,982 | 5,156 | |||||||||||
Property and other taxes | 1,572 | 1,504 | 4,700 | 4,531 | |||||||||||
20,552 | 19,909 | 60,594 | 57,385 | ||||||||||||
Operating Income | 8,590 | 6,661 | 20,508 | 16,932 | |||||||||||
Allowance for funds used during construction | 474 | 647 | 1,126 | 1,693 | |||||||||||
Miscellaneous | (58 | ) | (35 | ) | 1,450 | 1,554 | |||||||||
Income Before Interest Charges | 9,006 | 7,273 | 23,084 | 20,179 | |||||||||||
Interest Charges | 2,193 | 2,202 | 6,535 | 6,960 | |||||||||||
Net Income | $ | 6,813 | $ | 5,071 | $ | 16,549 | $ | 13,219 | |||||||
Weighted Average Common Shares Outstanding - Basic | 10,297 | 10,276 | 10,293 | 9,929 | |||||||||||
Net Income per Common Share - Basic | $ | 0.66 | $ | 0.49 | $ | 1.61 | $ | 1.33 | |||||||
Weighted Average Common Shares Outstanding - Diluted | 10,298 | 10,279 | 10,294 | 9,933 | |||||||||||
Net Income per Common Share - Diluted | $ | 0.66 | $ | 0.49 | $ | 1.61 | $ | 1.33 | |||||||
Artesian Resources Corporation | |||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2024 | 2023 | ||||||||||||||
Assets | |||||||||||||||
Utility Plant, at original cost less | |||||||||||||||
accumulated depreciation | $ | 734,224 | $ | 714,284 | |||||||||||
Current Assets | 34,343 | 30,617 | |||||||||||||
Regulatory and Other Assets | 27,453 | 21,931 | |||||||||||||
$ | 796,020 | $ | 766,832 | ||||||||||||
Capitalization and Liabilities | |||||||||||||||
Stockholders' Equity | $ | 238,314 | $ | 230,397 | |||||||||||
Long Term Debt, Net of Current Portion | 176,886 | 178,307 | |||||||||||||
Current Liabilities | 28,041 | 22,414 | |||||||||||||
Advances for Construction | 2,388 | 2,797 | |||||||||||||
Contributions in Aid of Construction | 266,521 | 247,934 | |||||||||||||
Other Liabilities | 83,870 | 84,983 | |||||||||||||
$ | 796,020 | $ | 766,832 | ||||||||||||
FAQ
What was Artesian Resources (ARTNA) net income for Q3 2024?
How much did ARTNA's water rates increase in 2024?
What were ARTNA's capital expenditures in the first nine months of 2024?