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Artesian Q4 2024 Earnings Report
Artesian Resources Corporation reported increased net income and revenues for the fourth quarter and full year 2024, driven by rate increases, increased consumption, and customer growth.
Key Takeaways
Artesian Resources Corporation achieved a 10.5% increase in net income for Q4 2024, reaching $3.9 million, and a 9.4% increase in revenues, totaling $26.8 million. These improvements were primarily attributed to a rate increase implemented in November 2023, along with growth in water consumption and customer base.
Net income for Q4 2024 increased by 10.5% to $3.9 million compared to Q4 2023.
Revenues for Q4 2024 increased by 9.4% to $26.8 million compared to Q4 2023.
Water sales revenue rose by 9.7% in Q4 2024 due to a rate increase and higher consumption.
Operating expenses, excluding depreciation and income taxes, increased by 14.1% in Q4 2024, primarily due to higher payroll, employee benefits, and supply costs.
Artesian
Artesian
Artesian Revenue by Segment
Revenue by Segment
Water Sales Revenue
CapyFin.comOther Utility Operating Revenue
CapyFin.comNon-Utility Operating Revenue
CapyFin.com Forward Guidance
Artesian Resources Corporation anticipates continued investments in infrastructure and managing rising costs, which will necessitate timely rate filings to ensure reliable service and clean water for customers.
Positive Outlook
- Continued focus on critical investments in infrastructure to ensure high-quality reliable service.
- Commitment to providing customers with resilient and protective water and wastewater systems.
- Potential for recovery of needed investments in utility plant through timely rate filings.
- Ongoing efforts to manage operational costs.
- Benefit from the settlement with the Delaware Public Service Commission regarding the 2023 rate filing.
Challenges Ahead
- Rising costs for energy and water treatment continue to pressure operating margins.
- Ongoing needed investments in infrastructure will require significant capital outlays.
- The necessity of timely rate filings to recover investments and increasing operational costs.
- Potential for changes in weather conditions to impact operations.
- Risks associated with changes in contractual obligations and government policies.