Artesian Resources Corporation reports developments for a regulated water and wastewater utility holding company serving the Delmarva Peninsula through wholly owned subsidiaries. News commonly covers earnings, water sales revenue, customer growth, infrastructure investment in supply, treatment, storage and distribution systems, and wastewater service expansion.
Updates also include quarterly dividends on Class A and Class B common stock, Delaware Public Service Commission rate matters, water-quality and PFAS-related customer credits, and annual-report availability. Artesian Water Company is the principal subsidiary and has provided water service since 1905.
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.
Artesian Resources Corporation (NASDAQ: ARTNA) reported strong financial results for Q2 2022, with net income rising 12% to $5 million and diluted earnings per share increasing to $0.53. YTD, net income reached $9.5 million, a 9.4% increase. Total revenues grew 11.3% to $25 million for Q2 and 9.5% to $47.2 million YTD, driven by wastewater revenue growth due to recent acquisitions. Operating expenses also rose 12.8% in Q2, partially offset by lower purchased water costs. The company invested $29.6 million in infrastructure improvements and acquisitions year-to-date.
Artesian Resources Corporation (Nasdaq: ARTNA) has declared a quarterly dividend of $0.2729 per share, payable on August 23, 2022 to shareholders of record by August 9, 2022. This dividend marks the company's 119th consecutive quarterly payout to its investors. Artesian Resources, operating primarily in the Delmarva Peninsula, provides essential water and wastewater services, delivering over 8.4 billion gallons of water annually through its extensive infrastructure.
Artesian Water Company, a subsidiary of Artesian Resources Corporation (Nasdaq: ARTNA), completed its acquisition of the Town of Clayton's water system on May 26, 2022. The Delaware Public Service Commission approved the sale on April 20, 2022. This strategic acquisition enhances the ability to regionalize water systems and improve reliability for over 7,000 residents in the area, including 1,500 from Clayton. Artesian has a long-standing partnership with the town, and this acquisition marks its eighth water system purchase in six years, supporting ongoing residential and commercial growth.
Artesian Resources Corporation (Nasdaq: ARTNA) reported a first-quarter 2022 net income of $4.5 million, a 6.6% increase year-over-year. Diluted earnings per share rose 4.4% to $0.47. Revenues totaled $22.2 million, up 7.5%, driven by customer growth and increased wastewater revenue from recent acquisitions. Operating expenses surged by 9.3% to $13.0 million, mainly due to higher utility costs. The company announced a 2.0% dividend hike, marking its 118th consecutive quarterly payment. A $12.6 million capital expenditure was invested to enhance water and wastewater services.
Artesian Resources Corporation (Nasdaq: ARTNA) has increased its quarterly dividend by 2%, now at $0.2729 per share, raising the annualized rate to $1.0916. This dividend will be paid on May 23, 2022, to shareholders of record by May 9, 2022. Additionally, the company has entered an agreement to acquire the Town of Clayton's water system, which serves around 4,000 residents, enhancing its service area in northern Kent County. This marks Artesian's 118th consecutive quarterly dividend payment, reflecting its strong commitment to shareholder returns.
Artesian Resources Corporation (NASDAQ: ARTNA), a key player in water and wastewater services in the Delmarva Peninsula, announced the availability of its 2021 Annual Report for shareholders. The report can be accessed electronically through the company's website, with print copies obtainable upon request. Artesian Water Company, the primary subsidiary, is the largest regulated water utility in the region, supplying over 8.4 billion gallons of water annually across 1,398 miles of mains to a significant portion of Delaware's population.