Business
Artesian Resources Corporation Reports Second Quarter and Year-to-Date 2024 Results
NEWARK, Del., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and
About this update from Artesian Resources Corporation
[{"type":"text","content":"NEWARK, Del., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and a number of other related business services, today announced second quarter and year-to-date results for 2024. Second Quarter Results Net income was $5.3 million, a $0.9 million, or 19.9%, increase compared to net income recorded for the three months ended June 30, 2023. Diluted net income per share was $0.52, an 18.2% increase compared to $0.44 for the same period in 2023. Revenues totaled $27.4 million for the three months ended June 30, 2024, $2.2 million, or 8.6%, more than revenues for the three months ended June 30, 2023. Water sales revenue increased $1.9 million, or 9.0%, primarily as a result of a temporary rate increase placed into effect on November 28, 2023, as permitted under Delaware law. The temporary rates were replaced with the final approved rates pursuant to a Delaware Public Service Commission, or DEPSC, order with a rate effective date of June 12, 2024. In addition, there was an increase in the number of customers served and an increase in overall water consumption due to warmer and drier weather in late June 2024 compared to June 2023. Other utility operating revenue increased approximately $0.3 million, or 8.4%, primarily due to an increase in wastewater revenue associated with customer growth and the timing of industrial wastewater revenue. “We are pleased to see an increase in water sales revenue as a result of the increase in the number of customers served along with the rate increase for Delaware water customers. In addition, recent hotter and drier weather across much of the area raised customer demand,” said Dian C. Taylor, CEO. “Artesian remains committed to our strategic approach to capital investment, ensuring reliable service to our customers. The resolution of this rate case allows for recovery of the $158 million invested in water infrastructure over the nine-year period since our previous rate filing.” Operating expenses, excluding depreciation and income taxes, increased $0.6 million, or 4.3%. Utility operating expenses increased $0.6 million, or 4.8%, primarily the result of increased costs associated with water supply and treatment, payroll and employee benefits, and administrative expenses. Depreciation and amorti...