Artesian Res Corp Stock Price, News & Analysis

Artesian Resources Corporation (Nasdaq: ARTNA) reported an 8.8% increase in revenues and a 7.0% rise in net income for 2022, totaling $98.9 million and $18.0 million respectively. Diluted EPS increased 6.3% to $1.90. Shareholder dividends were raised by 4.0%, marking the 26th consecutive year of increases. Key acquisitions, including Tidewater Environmental Services, Inc., more than doubled wastewater customers, enhancing market position. However, Q4 net income dropped 24.0% to $2.3 million, despite a revenue increase of 11.3% to $25.1 million. Operating expenses surged 21.8%, driven by inflation and supply chain challenges.

Artesian Resources Corporation (NASDAQ: ARTNA) has declared a quarterly dividend of $0.2784 on its Class A and Class B Common Stock, payable on February 23, 2023. Shareholders of record as of February 9, 2023 will receive this payment. This marks the 121^st consecutive quarterly dividend, highlighting the company's ongoing commitment to returning value to its shareholders. Artesian operates primarily on the Delmarva Peninsula, supplying 8.4 billion gallons of water annually through an extensive infrastructure.

The Board of Directors of Artesian Resources Corporation (Nasdaq: ARTNA) has appointed Raymond T. Kelly as Vice President of Information Technology, effective November 4, 2022. Kelly, who joined Artesian in 2013, previously served as Director of Information Technology. His responsibilities include overseeing all IT functions and enhancing the technology portfolio, including cybersecurity and business process automation. CEO Dian C. Taylor praised Kelly's role in integrating acquisitions and advancing the company's strategic objectives. Artesian Resources, founded in 1905, provides water services to over a third of Delaware.

The Board of Directors of Artesian Resources Corporation (Nasdaq: ARTNA) has appointed Courtney A. Emerson, Esq. as Assistant Secretary, effective November 4, 2022. Emerson, who joined Artesian in 2021, oversees the Legal Department and has played a crucial role in legal matters affecting the company, including several acquisitions. She has extensive experience as a Senior Associate at Fox Rothschild and has served as an emergency manager for the Delaware Emergency Management Agency. Artesian Resources is a leading provider of water and wastewater services on the Delmarva Peninsula.

Artesian Resources Corporation (Nasdaq: ARTNA) has announced a 2% increase in its quarterly dividend, raising the annualized rate to $1.1136 per share. This results in a quarterly dividend of $0.2784, payable on November 23, 2022, to shareholders of record by November 14, 2022. This marks the company’s 120th consecutive quarterly dividend, reflecting its commitment to shareholder value and financial stability.

Artesian Resources Corporation (Nasdaq: ARTNA) reported strong financial results for Q3 and year-to-date 2022. Q3 net income rose 21.5% to $6.1 million, with diluted earnings per share increasing to $0.65. Year-to-date net income hit $15.7 million, marking a 13.8% increase, and revenues reached $73.8 million, an 8.4% rise. The company invested $36.7 million in water and wastewater infrastructure while announcing a settlement with the Delaware Sand & Gravel Trust for treatment cost reimbursements. Operating expenses slightly increased, while strategic growth initiatives continue to enhance shareholder value.

Artesian Resources Corporation (Nasdaq: ARTNA) announced that its subsidiary, Artesian Water Company, received approval from the Delaware Public Service Commission to return settlement proceeds to customers due to investments in water treatment systems. Customers will receive approximately $27.00 credits, starting October 31, 2022, for four years. Artesian invested $8.7 million in treatment technologies and incurred $1.3 million in related costs at its Llangollen well field, a vital supply source in New Castle County, Delaware. The settlement is part of a long-term remediation effort of a Superfund site.

The Board of Directors of Artesian Resources Corporation (Nasdaq: ARTNA) has promoted Daniel W. Konstanski, P.E., BCEE, to Vice President of Engineering, effective October 3, 2022. With over nine years in the water and wastewater industry, Konstanski joined Artesian in 2014 and was Manager of Engineering prior to this promotion. He will oversee the Engineering Department and manage capital projects. The company is focused on growth and providing high-quality service, with Konstanski's expertise expected to play a crucial role in this strategy.

Artesian Resources Corporation (NASDAQ: ARTNA) raised over $90,000 during its 11th Annual Charity Golf Outing, increasing the total contributions to over $600,000 across eleven years. The event took place on September 8 at the Deerfield Golf Club, with 124 golfers attending from Artesian’s vendor network. Charitable recipients included the American Heart Association, Deep Roots, Junior Achievement of Delaware, and Habitat for Humanity Sussex County, highlighting the company's commitment to community support.