Business
Artesian Resources Corporation Reports 2022 Year-End Earnings and Fourth Quarter Results
NEWARK, Del., March 09, 2023 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and a
About this update from Artesian Resources Corporation
[{"type":"text","content":"NEWARK, Del., March 09, 2023 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and a number of other related core business services, on the Delmarva Peninsula, today announced earnings results for the fourth quarter and year ended December 31, 2022. Increased revenues by 8.8% and net income by 7.0% in 2022Increased annualized shareholder dividends by 4.0% in 2022Paid dividends to shareholders for 121 consecutive quarters and increased dividends for the 26th consecutive yearInvested $48.5 million in 2022 in water and wastewater infrastructureAcquired Tidewater Environmental Services, Inc. (TESI) more than doubling the number of wastewater customers servedAcquired the Town of Clayton’s water system in Kent County, DelawareCompleted the Dagsboro Armory Road Tank in Sussex County adding one million gallons of additional elevated water storageCompleted rehabilitation of the booster station and installation of water mains to serve Phase 1 of the Bainbridge Development in Cecil County, Maryland Year End Results Net income for the year ended December 31, 2022 was $18.0 million, a $1.2 million, or 7.0%, increase compared to net income recorded for the same period of 2021. Diluted earnings per share was $1.90 for the year ended December 31, 2022, a 6.3% increase compared to $1.79 for the same period of 2021. Revenues totaled $98.9 million for the year ended December 31, 2022, $8.0 million, or 8.8%, more than revenues recorded for the same period in 2021. Other utility operating revenue, predominately consisting of wastewater revenues, increased $4.3 million, or 59.9%. This increase is mainly due to an increase in wastewater revenue associated with residential customer growth resulting from the acquisition of TESI in January 2022, industrial wastewater services that started in June 2021, as well as organic residential customer growth. Non-utility operating revenue increased $3.2 million, or 55.3%, primarily due to an increase in contract service revenue related to a contract for the design and construction of wastewater infrastructure and an increase in Service Line Protection Plan (SLPP) revenue. Water sales revenue increased $0.5 million, or 0.6%, primarily due to an increase in fixed fee revenue related to added customer growth. “We are pleased to have delivered soli...