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Mar 31, 2020
RGC Resources Q2 2020 Earnings Report
RGC Resources' earnings increased in the second quarter, driven by improved utility margins and investment in the Mountain Valley Pipeline.
Key Takeaways
RGC Resources reported consolidated earnings of $5,680,316, or $0.70 per diluted share, for the quarter ended March 31, 2020, compared to $4,670,090, or $0.58 per diluted share, for the quarter ended March 31, 2019. The increase was primarily driven by improved utility margins and investment in the Mountain Valley Pipeline. However, the company anticipates lower net income for the remainder of fiscal 2020 due to the COVID-19 pandemic and the seasonal nature of the business.
RGC Resources reported a net income of $5,680,316 for the quarter ended March 31, 2020.
Diluted earnings per share were $0.70 for the quarter.
Improved utility margins and the investment in the Mountain Valley Pipeline (MVP) drove earnings growth.
The company expects lower net income for the remainder of fiscal 2020 due to COVID-19 and seasonal factors.
RGC Resources
RGC Resources
Forward Guidance
Net income for the remainder of fiscal 2020 is expected to be lower than the corresponding period in 2019, due to the COVID-19 pandemic and seasonal factors.