Business
Artesian Resources Corporation Reports Year-to-Date and Third Quarter Results for 2020
NEWARK, Del., Nov. 04, 2020 (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., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced third quarter and year-to-date results for 2020.\n Increased diluted earnings by per share 15.0% to $1.46 year-to-date and 12.5% to $0.54 in the third quarter of 2020Increased revenues by 6.1% year-to-date and 9.7% in the third quarterIncreased common stock dividend by 3% as announced on September 25, 2020Invested $31.6 million year-to-date in water and wastewater infrastructureAcquired municipal water systems adding approximately 3,000 people served in Delaware during 2020 Dividend Increase Artesian announced on September 25, 2020 that its Board of Directors approved a 3% increase in the company’s Class A and Class B Common Stock dividend, raising the annual dividend to $1.0284 per share. The quarterly dividend of $0.2571 is payable on November 20, 2020 to shareholders of record at the close of business on November 9, 2020. Artesian Resources has now paid quarterly dividends to its shareholders for 112 consecutive quarters and has increased dividends for the 24th consecutive year. Year-to-Date Results Net income for the nine months ended September 30, 2020 was $13.7 million, a $1.9 million, or 15.9%, increase compared to net income recorded for the same period of 2019. Diluted earnings per share was $1.46 for the nine months ended September 30, 2020, a 15.0% increase compared to $1.27 for the same period of 2019. “Artesian has remained focused on our strategic initiatives, continuing to invest in infrastructure and acquisitions, while remaining committed to providing consistent returns to shareholders,” said Dian C. Taylor, Chair, President and CEO. “Our plan execution and continued attention on improving efficiencies of operations and cost control are key to our ability to deliver reliable service to our customers while also producing strong financial results,” said Taylor. Revenues totaled $66.4 million for the nine months ended September 30, 2020, $3.8 million, or 6.1%, more than revenues recorded for the same period in 2019. Water sales revenue increased $3.0 million, or 5.3%, primarily due to an increase in residential consumption revenue, an increase in the number of customers served, and an increase in Distribu...