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Jun 30, 2024
Artesian Q2 2024 Earnings Report
Artesian reported an increase in revenue and net income for Q2 2024, driven by rate increases and customer growth.
Key Takeaways
Artesian Resources Corporation reported an 8.6% increase in revenue and a 19.9% increase in net income for the second quarter of 2024. The growth was primarily driven by a temporary rate increase, customer growth, and warmer, drier weather leading to increased water consumption.
Net income increased by 19.9% to $5.3 million compared to Q2 2023.
Diluted net income per share increased by 18.2% to $0.52.
Revenues increased by 8.6% to $27.4 million compared to Q2 2023.
Water sales revenue increased by 9.0% due to rate increases and higher consumption.
Artesian
Artesian
Artesian Revenue by Segment
Revenue by Segment
Water Sales Revenue
CapyFin.comOther Utility Operating Revenue
CapyFin.com Forward Guidance
Artesian is committed to strategic capital investment to ensure reliable service and meet customer needs, focusing on infrastructure improvements and efficient water sources.
Positive Outlook
- Commitment to providing high quality water service.
- Ongoing investment in PFAS treatment technology.
- Strategic focus on developing efficient and cost-effective sources of supply.
- Continued investment in utility plant.
- Focus on infrastructure improvements.
Challenges Ahead
- Changes in weather could impact operations.
- Changes in contractual obligations could affect results.
- Changes in government policies could pose challenges.
- The timing and results of rate requests could vary.
- Failure to receive regulatory approval could hinder progress.
Revenue & Expenses
Visualization of income flow from segment revenue to net income