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Jun 30, 2024
RGC Resources Q3 2024 Earnings Report
RGC Resources reported consolidated earnings decline due to decreased operating income and lower noncash earnings from MVP investment.
Key Takeaways
RGC Resources reported earnings of $156,692, or $0.02 per share, for the third quarter ended June 30, 2024, a decrease compared to $686,816, or $0.07 per share, for the same quarter in the previous year. The decline was attributed to decreased operating income, driven by higher personnel and professional costs, persistent inflationary pressures, and lower noncash earnings from the Mountain Valley Pipeline.
Consolidated earnings decreased to $156,692, or $0.02 per share, for Q3 2024.
Decline attributed to decreased operating income from higher costs and lower MVP earnings.
MVP went into service in June, enhancing system reliability and stability.
Roanoke Gas filed for rate relief due to increasing costs, with interim rates effective July 1, 2024, subject to refund.
RGC Resources
RGC Resources
Forward Guidance
The company's forward-looking statements involve risks and uncertainties related to inflation, customer growth, infrastructure investment, gas prices and supply, geopolitical considerations, expectations regarding the MVP, and the company's rate application.