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RGC Resources Inc. (NASDAQ: RGCO) is an established energy services company with a rich history dating back to 1883. Headquartered in Roanoke, Virginia, the company primarily engages in the distribution and sale of natural gas to residential, commercial, and industrial customers across Roanoke and its neighboring localities. With a robust infrastructure that includes approximately 1,144 miles of transmission and distribution pipeline and a liquefied natural gas storage facility, RGC Resources ensures a reliable supply of natural gas to its customers.
The company operates through three primary segments:
- Gas Utility: This segment is the main revenue generator and focuses on the distribution of natural gas through the Roanoke Gas Company.
- Investment in Affiliates: This segment reflects the income generated from the company's investments in projects such as the Mountain Valley Pipeline (MVP) and the Southgate project.
- Parent & Other: This segment includes unregulated activities and certain corporate eliminations.
RGC Resources has recently reported consolidated earnings of $686,816, or $0.07 per share, for the quarter ending June 30, 2023, compared to $592,527, or $0.06 per share, for the same period in 2022. Despite a net loss of $1,130,122, or $0.11 per share for the twelve months ending June 30, 2023, the underlying net income was $10,209,447, or $1.03 per share. The earnings growth was primarily driven by improved utility margins and the company's investment in MVP, despite higher interest expenses.
CEO Paul Nester expressed satisfaction with the U.S. Supreme Court's decision to allow the MVP project to continue, which is expected to significantly enhance the natural gas supply to the Roanoke region by winter. The company attributes its improved utility margins to infrastructure replacement programs and the implementation of new non-gas rates.
RGC Resources is committed to providing energy and related services through its subsidiaries, Roanoke Gas Company and RGC Midstream, LLC. The company uses non-GAAP measures like utility margins and underlying net income to provide better comparability of financial results and help in evaluating operating performance. However, it's important to consider these measures alongside GAAP results.
For the upcoming fiscal year ending September 30, 2023, RGC Resources advises that the quarterly earnings should not be seen as indicative of the annual results due to the seasonal nature of their business, which tends to generate higher earnings during the winter months.
RGC Resources also cautions investors with forward-looking statements, noting that various factors such as gas prices, supply conditions, geopolitical considerations, and regulatory challenges may impact actual results. The company is committed to updating its stakeholders as required by applicable laws and regulations.
The Board of Directors of RGC Resources, Inc. (NASDAQ: RGCO) declared a quarterly dividend of $0.1975 per share on April 24, 2023, marking the company’s 317th consecutive cash dividend. This dividend will be paid on August 1, 2023 to shareholders of record on July 17, 2023. RGC Resources provides energy and related products to approximately 63,500 customers in Virginia through its subsidiaries, including Roanoke Gas Company and RGC Midstream. The company also issued a warning that forward-looking statements regarding growth and margins are subject to various risks such as gas prices, geopolitical factors, and regulatory challenges, which may impact future performance. Past results should not be considered indicators of future outcomes.
RGC Resources, Inc. (NASDAQ: RGCO) reported consolidated earnings of $3,256,405, or $0.33 per share, for the quarter ending December 31, 2022, down from $3,584,529, or $0.43 per share, in the same period of 2021. The decline is attributed to increased operational costs from inflation and higher interest expenses. For the twelve months ending December 31, 2022, the net loss was $32,060,726, or $3.38 per share. Underlying net income, excluding impairment charges, was $8,850,818, or $0.93 per share, a slight decrease from $8,963,328, or $1.08 per share, in the previous year. CEO Paul Nester noted strong customer demand but acknowledged inflationary pressures.
RGC Resources, Inc. (NASDAQ: RGCO) is set to host its quarterly conference call on February 10, 2023, at 9:00 a.m. ET, to discuss the fiscal first quarter 2023 results. Interested parties can access the call by dialing 1-877-304-9269, using conference ID 917621. The related presentation materials will be available on the Company's Investor & Financial Information page prior to the call. RGC Resources provides energy services to customers in Virginia through its subsidiaries, Roanoke Gas Company and RGC Midstream, LLC. The Company may also issue forward-looking statements regarding financial performance and business prospects.
The Virginia State Corporation Commission has approved Roanoke Gas Company’s application to build a renewable natural gas (RNG) facility in collaboration with the Western Virginia Water Authority. This facility will convert biogas from the Roanoke Regional Water Pollution Control Plant into commercial-quality RNG. The project, which represents a $16.5 million investment, aims to enhance local fuel supply, reduce greenhouse gas emissions, and potentially lower customer rates. Roanoke Gas is the first utility in Virginia to gain approval under the Virginia Energy Innovation Act, with construction scheduled to commence in the coming weeks.
The Board of Directors of RGC Resources has declared a quarterly dividend of $0.1975 per share on January 23, 2023. This dividend will be paid on May 1, 2023, to shareholders of record on April 17, 2023. This marks the company’s 316th consecutive quarterly cash dividend. RGC Resources serves approximately 63,000 customers in Virginia through subsidiaries like Roanoke Gas Company. The company noted that forward-looking statements in this release are subject to risks such as gas prices, regulatory challenges, and unexpected changes in customer growth.
RGC Resources, Inc. (NASDAQ: RGCO) announced the election of four directors during its January 23, 2023 shareholder meeting, with Nancy Howell Agee, Jacqueline L. Archer, Robert B. Johnston, and J. Allen Layman securing three-year terms. Shareholders also ratified Brown Edwards & Company, L.L.P. as auditors for fiscal 2023. Following the meeting, the Board of Directors elected John B. Williamson, III as Chairman and Paul W. Nester as President and CEO. RGC Resources serves approximately 62,900 customers in Virginia through its subsidiaries, including Roanoke Gas Company.
The Board of Directors of RGC Resources (NASDAQ: RGCO) has declared a quarterly dividend of $0.1975 per share, with an annualized dividend amount of $0.79 reflecting a 1.3% increase. This marks the 19th consecutive year of annual dividend increases. The payout is scheduled for February 1, 2023, to shareholders of record on January 18, 2023. CEO Paul Nester emphasized the company’s commitment to long-term shareholder value through solid operational and financial performance.
RGC Resources, Inc. (NASDAQ: RGCO) will conduct a conference call on December 5, 2022, at 9:00 a.m. ET to discuss its fiscal fourth quarter and full-year results for 2022. Presentation materials will be available on the company's Investor & Financial Information page prior to the call. Interested participants can join by dialing toll-free 1-877-304-9269, using conference ID 917621. The company provides energy services through its subsidiaries Roanoke Gas Company and RGC Midstream, LLC.
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