The York Water Company Reports 2024 Annual and Fourth Quarter Results

Core Viewpoint - The York Water Company reported mixed financial results for 2024, with increased operating revenues but decreased net income compared to 2023 [2][4]. Financial Performance - Operating revenues for 2024 were $74,959,000, an increase of$3,928,000 from 2023 [2]. - Net income for 2024 was $20,325,000, a decrease of$3,432,000 compared to 2023 [2]. - Basic and diluted earnings per share for 2024 were $1.42, down$0.24 from the previous year [2]. - Dividends per share increased by 4% compared to 2023 [2]. Revenue Drivers - The increase in revenues was primarily attributed to a rate increase effective March 1, 2023, revenues from the Distribution System Improvement Charge (DSIC), and growth in the customer base [2]. - The DSIC is a charge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure [2]. Cost Factors - Higher operation and maintenance expenses, depreciation, interest on debt, and a lower allowance for funds used during construction (AFUDC) offset the increased revenues [2]. - The company incurred lower pension costs during the year [2]. Capital Expenditures - The company invested $48.2 million in construction expenditures, including dam improvements, wastewater treatment plant construction, and infrastructure upgrades [3]. - Approximately 50,200 feet of pipe were replaced to enhance the distribution system [3]. - The company also invested$783,000 in acquiring four water and two wastewater systems [3]. Quarterly Performance - For Q4 2024, operating revenues increased by $770,000, but net income decreased by$870,000 compared to Q4 2023 [4]. - Basic and diluted earnings per share for Q4 2024 were $0.36, down$0.06 from the same period last year [4]. Future Investment Plans - The company plans to invest approximately $46.0 million in 2025 and$48.5 million in 2026 for various infrastructure improvements and upgrades [5].