The York Water Company Reports 2024 Annual and Fourth Quarter Results
York Water Company (NASDAQ:YORW) reported mixed financial results for 2024.
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Rhea-AI Summary
York Water Company (NASDAQ:YORW) reported mixed financial results for 2024. Operating revenues increased by $3,928,000 to $74,959,000, while net income decreased by $3,432,000 to $20,325,000 compared to 2023. Earnings per share declined by $0.24 to $1.42, though dividends per share increased by 4%.
Revenue growth was driven by rate increases effective March 1, 2023, Distribution System Improvement charge (DSIC), and customer base expansion. However, higher operation and maintenance expenses, depreciation, interest on debt, and lower AFUDC offset these gains.
The company invested $48.2 million in infrastructure improvements, including Lake Williams dam upgrades and wastewater treatment plant construction. Additionally, $783,000 was spent acquiring four water and two wastewater systems. York Water plans to invest approximately $46.0 million in 2025 and $48.5 million in 2026 for further infrastructure improvements.
Positive
- Operating revenues increased $3.93M to $74.96M
- Dividends per share increased 4%
- Customer base expanded
- Significant infrastructure investment of $48.2M
- Acquired 6 new water/wastewater systems
Negative
- Net income decreased $3.43M to $20.33M
- EPS declined $0.24 to $1.42
- Higher operation and maintenance expenses
- Increased depreciation and interest costs
- Lower AFUDC (funds for construction)
Details
News Market Reaction – YORW
The recorded move for YORW in the trading session of this news was +0.42%.
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YORK, Pa., March 04, 2025 (GLOBE NEWSWIRE) -- The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2024 financial results.
President Hand reported that 2024 operating revenues of
During the year, the Company invested
President Hand also reported that for the fourth quarter of 2024 operating revenues increased
President Hand reported that York Water plans to invest approximately
| Period Ended December 31 | ||||||||
| In 000's (except per share) | ||||||||
| Quarter | Twelve Months | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Operating Revenues | $ | 18,866 | $ | 18,096 | $ | 74,959 | $ | 71,031 |
| Net Income | $ | 5,142 | $ | 6,012 | $ | 20,325 | $ | 23,757 |
| Average Number of Common Shares Outstanding | 14,366 | 14,314 | 14,347 | 14,295 | ||||
| Basic and Diluted Earnings Per Common Share | $ | 0.36 | $ | 0.42 | $ | 1.42 | $ | 1.66 |
| Dividends Declared Per Common Share | $ | 0.2192 | $ | 0.2108 | $ | 0.8516 | $ | 0.8189 |
This news release may contain forward-looking statements regarding the Company’s operational and financial expectations. These statements are based on currently available information and are subject to risks, uncertainties, and other events which could cause the Company’s actual results to be materially different from the results described in this statement. The Company undertakes no duty to update any forward-looking statement.
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