Artesian Resources Corporation Reports Second Quarter and Year-to-Date 2024 Results
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction
On the day this news was published, ARTNA declined 4.07%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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?
How much did Artesian Resources 's (ARTNA) revenue grow in Q2 2024?
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How much did Artesian Resources (ARTNA) invest in infrastructure projects in H1 2024?
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