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Artesian Resources Corporation Reports 2023 Year-End Earnings and Fourth Quarter Results
NEWARK, Del., March 13, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and
About this update from Artesian Resources Corporation
[{"type":"text","content":"NEWARK, Del., March 13, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced earnings results for the fourth quarter and year ended December 31, 2023. Year End Results Net income was $16.7 million, a $1.3 million, or 7.2%, decrease compared to net income recorded during the twelve months ended December 31, 2022. Diluted net income per share decreased to $1.67, compared to $1.90 for the same period in 2022. Revenues totaled $98.9 million for both the year ended December 31, 2023 and December 31, 2022, respectively: Water sales revenue increased $1.7 million, or 2.2%, primarily related to a temporary net rate increase of 7.50% of gross water sales placed into effect on November 28, 2023, as permitted under Delaware law, until permanent rates are determined by the Delaware Public Service Commission, or DEPSC, and an increase in overall water consumption. In addition, fixed fee revenue increased as a result of additional customers. Other utility operating revenue increased approximately $0.7 million, or 6.0%. This increase is primarily due to an increase in wastewater revenue associated with customer growth and an increase in fee revenue related to inspection, service and finance charges. Non-utility operating revenue decreased approximately $2.4 million, or 26.9%. This decrease is primarily due to a decrease in contract service revenue related to a contract for the design and construction of wastewater infrastructure now nearing completion, partially offset by an increase in Service Line Protection Plan, or SLP Plan, revenue. Operating expenses, excluding depreciation and amortization and income taxes, increased $0.2 million, or 0.4%. Utility operating expenses increased $2.4 million, or 5.6%, primarily the result of increases in employee benefits and payroll costs, computer system maintenance costs, and supply and treatment costs for our water and wastewater systems. These increases are partially offset by a decrease in purchased water under a new contract, effective January 2022, in which the minimum amount of water required to be purchased was reduced. Non-utility operating expenses decreased $2.4 million, or 35.4%, primarily due to a decrease in costs associated with a wastewater infrastructu...