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Mar 31, 2022
RGC Resources Q2 2022 Earnings Report
RGC Resources reported a net loss due to an after-tax impairment charge, but underlying net income increased driven by the strength of the core Roanoke Gas utility business.
Key Takeaways
RGC Resources reported a consolidated net loss of $24.49 million, or $2.89 per share, for the quarter ended March 31, 2022, which includes an after-tax impairment charge of approximately $29.6 million related to its investment in the Mountain Valley Pipeline, LLC. Excluding the impairment, underlying net income was $5.08 million, or $0.60 per share, compared to $4.77 million, or $0.58 per share, for the quarter ended March 31, 2021. Operating income improved due to investment in infrastructure replacement programs, customer growth, and increased natural gas usage by a large customer.
Consolidated net loss was $24.49 million, or $2.89 per share, including an after-tax impairment charge.
Underlying net income, excluding the impairment, was $5.08 million, or $0.60 per share.
Underlying net income increased by 6.5% compared to the same quarter last year.
Operating income improved 5% due to infrastructure investments, customer growth, and increased natural gas usage by a large customer.