Artesian Resources Corporation Reports 2024 Year-End Earnings and Fourth Quarter Results

Core Insights - Artesian Resources Corporation reported improved earnings for 2024, with a net income of $20.4 million, reflecting a 22.1% increase from 2023 [2][11] - The company invested$ 45.9 million in infrastructure during 2024 to enhance water and wastewater services [2][17] Year-End Results - Total revenues for 2024 reached $108.0 million, a 9.2% increase compared to 2023 [3] - Water sales revenue increased by$ 8.0 million, or 10.1%, primarily due to a rate increase effective November 28, 2023, along with higher water consumption and customer growth [3] - Other utility operating revenue rose by approximately $0.9 million, or 7.7%, driven by increased wastewater revenue from a growing customer base [4] Operating Expenses - Operating expenses, excluding depreciation and income taxes, increased by$ 4.1 million, or 7.3% [5] - Utility operating expenses rose by $3.6 million, or 7.8%, mainly due to higher costs in supply and treatment, payroll, and administrative expenses [5] - Non-utility operating expenses increased by$ 0.3 million, or 7.1%, attributed to plumbing repair costs and payroll [6] Tax and Other Income - Federal and state income tax expenses increased by $1.0 million, or 15.2%, due to higher pre-tax income and changes in tax regulations [7] - Other income decreased by$ 0.4 million, primarily due to a reduction in allowance for funds used during construction [9] Fourth Quarter Results - For Q4 2024, net income was $3.9 million, a 10.5% increase compared to Q4 2023 [11] - Revenues for Q4 totaled$ 26.8 million, a 9.4% increase from the same quarter in 2023 [12] - Water sales revenue in Q4 increased by $1.9 million, or 9.7%, due to the same rate increase and customer growth [12] Capital Expenditures - The company invested$ 45.9 million in various infrastructure projects in 2024, including upgrades to water treatment facilities and the construction of a new wastewater treatment plant [17] Company Overview - Artesian Resources Corporation is a leading provider of water and wastewater services on the Delmarva Peninsula, supplying 9.4 billion gallons of water annually [18]