The York Water(YORW) GlobeNewswire News Room·2024-11-07 14:30Core Viewpoint - The York Water Company reported mixed financial results for the third quarter and the first nine months of 2024, with increased operating revenues but decreased net income compared to the same periods in 2023 [2][3]. Financial Performance - Third quarter operating revenues reached 948,000 from the previous year, while net income fell to 1,705,000 [2]. - Basic and diluted earnings per share for the third quarter were 0.12 from the same period last year [2]. - For the first nine months of 2024, operating revenues totaled 3,158,000, but net income decreased to 2,562,000 compared to the first nine months of 2023 [3]. - Basic and diluted earnings per share for the nine-month period were 0.18 from the previous year [3]. Revenue Drivers - The increase in revenues was primarily attributed to the Distribution System Improvement Charge (DSIC), growth in the customer base, and a rate increase effective March 1, 2023 [3]. - The DSIC is a charge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure [2]. Expenses and Costs - Higher operation and maintenance expenses, depreciation, and interest on debt offset the increased revenues, along with a lower allowance for funds used during construction (AFUDC) [2][3]. - Income taxes rose due to lower deductions from IRS tangible property regulations [2]. Capital Investments - The company invested 9.7 million is estimated for 2024, excluding acquisitions, to ensure reliable water supply and proper wastewater handling [4]. Shareholder Returns - Dividends declared per common share for the third quarter were 0.2027 in the previous year, while for the nine-month period, dividends were 0.6081 [5].