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RGC Resources, Inc. Reports Second Quarter Earnings
ROANOKE, Va., May 06, 2025 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $7,676,208, or $0.74 per share, for the second quarter ended March 31, 2025, compared to $6,443,390, or $0.63 per share, for the second quarter ended March 31, 2024. The primary drivers of the increased earnings were higher base rates that went into effect July 1, 2024 and increased volumes, offset by lower earnings from unconsolidated affiliate and higher interest expense
About this update from Rgc Resources Inc.
[{"type":"text","content":"ROANOKE, Va., May 06, 2025 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $7,676,208, or $0.74 per share, for the second quarter ended March 31, 2025, compared to $6,443,390, or $0.63 per share, for the second quarter ended March 31, 2024. The primary drivers of the increased earnings were higher base rates that went into effect July 1, 2024 and increased volumes, offset by lower earnings from unconsolidated affiliate and higher interest expense.","length":501,"tagName":"p"},{"type":"text","content":"Cooler winter weather and higher base rates drove higher margins and earnings. CEO Paul Nester stated, “We had a strong second quarter as utility margin increased 12%, enhanced by a colder January and by a large industrial customer who continued strong utilization compared to the same period a year ago. The Company’s earnings from its investment in the MVP, with the pipeline in operation, were $801,175 in the second quarter ended March 31, 2025, down from $1,229,384 in the second quarter ended March 31, 2024. The larger 2024 amount corresponded to the Company’s share of Allowance for Funds Used During Construction (AFUDC) during the construction phase.”","length":661,"tagName":"p"},{"type":"text","content":"Through the first six months of fiscal 2025, the Company’s net income of $12,945,897, or $1.26 per share, was up 12.9% from $11,463,382, or $1.14 per share, with similar reasons as the quarter – higher utility margin offset by lower earnings from the Company’s investment in MVP and higher interest expense. In early April, the State Corporation Commission issued a final order and made permanent the negotiated rates from the Company’s 2024 rate case filing.","length":459,"tagName":"p"},{"type":"text","content":"RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.","length":173,"tagName":"p"},{"type":"text","content":"Utility margin is a non-GAAP measure defined as utility revenues less cost of gas. Management considers this non-GAAP measure to provide useful information to both management and investors for purpose of such comparability and in evaluating operating performance, but it should be considered in addition to results prepared in accordance with GAAP and ...