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 $20.4 million, reflecting a 22.1% increase from 2023 [2][3] - The company invested$ 45.9 million in infrastructure during 2024 to enhance water and wastewater systems [2][17] Year-End Results - Net income for the year ended December 31, 2024, was $20.4 million, a$ 3.7 million increase compared to 2023 [2] - Diluted net income per share rose to $1.98 from$ 1.67 in 2023 [2] - Total revenues reached $108.0 million, marking a$ 9.1 million increase or 9.2% from the previous year [3] - Water sales revenue increased by $8.0 million, or 10.1%, due to a rate increase and higher consumption [3] Operating Performance - Other utility operating revenue grew by approximately$ 0.9 million, or 7.7%, driven by increased wastewater revenue [4] - Operating expenses, excluding depreciation and income taxes, rose by $4.1 million, or 7.3% [5] - Utility operating expenses increased by$ 3.6 million, or 7.8%, mainly due to higher supply, treatment, and payroll costs [5] Fourth Quarter Results - For Q4 2024, net income was $3.9 million, a 10.5% increase from Q4 2023 [11] - Revenues for the quarter totaled$ 26.8 million, up $2.3 million or 9.4% from the same period in 2023 [12] - Water sales revenue in Q4 increased by$ 1.9 million, or 9.7%, attributed to a rate increase and more customers [12] Capital Expenditures - The company invested $45.9 million in various infrastructure projects, including upgrades to treatment plants and new equipment [17] - Investments aimed to ensure reliable service and compliance with government mandates [17] Company Overview - Artesian Resources Corporation is a leading provider of water and wastewater services on the Delmarva Peninsula, with a history dating back to 1905 [18] - The company supplies approximately 9.4 billion gallons of water annually to over a third of Delaware's population [18]