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Sep 30, 2024
RGC Resources Q4 2024 Earnings Report
RGC Resources reported lower net income due to decreased earnings from MVP investment and increased interest expenses.
Key Takeaways
RGC Resources, Inc. announced fiscal year 2024 earnings of $11,760,896, or $1.16 per share, compared to $11,299,282, or $1.14 per share, for the previous fiscal year. The increase was driven by higher earnings from the Mountain Valley Pipeline (MVP). However, net income for the fourth quarter decreased to $140,822, or $0.01 per share, compared to $1,014,175, or $0.10 per share, in the same quarter last year, due to lower MVP earnings and higher interest expenses.
Fiscal year earnings increased due to higher earnings from the Mountain Valley Pipeline (MVP).
Net income for the quarter ended September 30, 2024, was $140,822 or $0.01 per share.
A lower level of earnings from investment in MVP and higher interest expense resulted in lower net income compared to the same quarter a year ago.
Reached a settlement on the pending rate proceeding that provides an incremental increase in annual revenues of $4.08 million, subject to approval.
RGC Resources
RGC Resources
Forward Guidance
The company provided forward-looking statements regarding customer growth, infrastructure investment, and margins, noting that actual results could differ materially due to various factors, including gas prices, geopolitical considerations, rate-making expectations, MVP operation, and Southgate construction.