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Dec 31, 2023
RGC Resources Q1 2024 Earnings Report
RGC Resources reported earnings increase in the first quarter of 2024.
Key Takeaways
RGC Resources, Inc. announced consolidated Company earnings of $5,019,992, or $0.50 per share, for the first quarter ended December 31, 2023, compared to $3,256,405, or $0.33 per share, for the fiscal quarter ended December 31, 2022. The increase over the quarter a year ago included nearly $1.5 million in earnings from the Company’s investment in the Mountain Valley Pipeline, LLC as well as improved utility margins.
Consolidated earnings increased to $5,019,992, or $0.50 per share, for the quarter ended December 31, 2023.
Earnings per share increased from $0.33 in the prior year quarter to $0.50.
Nearly $1.5 million in earnings came from the Company’s investment in the Mountain Valley Pipeline.
Improved utility margins contributed to the increase in earnings.
RGC Resources
RGC Resources
Forward Guidance
RGC Resources is experiencing increasing costs and has filed for relief through a rate application with the State Corporation Commission.
Challenges Ahead
- Inflationary pressures will temper performance in the coming quarters.
- Roanoke Gas is experiencing increasing costs.
- Gas prices and supply.
- Geopolitical considerations.
- Regulatory and legal challenges.