Artesian Resources Corporation

05/08/2024 | Press release | Distributed by Public on 05/08/2024 20:20

Artesian Reports Second Quarter and Year To Date 2024 Results

Newark, Delaware, August 5, 2024 - Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and a number of other related business services, today announced second quarter and year-to-date results for 2024.

Second Quarter Results

Net income was $5.3 million, a $0.9 million, or 19.9%, increase compared to net income recorded for the three months ended June 30, 2023. Diluted net income per share was $0.52, an 18.2% increase compared to $0.44 for the same period in 2023.

Revenues totaled $27.4 million for the three months ended June 30, 2024, $2.2 million, or 8.6%, more than revenues for the three months ended June 30, 2023.

Water sales revenue increased $1.9 million, or 9.0%, primarily as a result of a temporary rate increase placed into effect on November 28, 2023, as permitted under Delaware law. The temporary rates were replaced with the final approved rates pursuant to a Delaware Public Service Commission, or DEPSC, order with a rate effective date of June 12, 2024. In addition, there was an increase in the number of customers served and an increase in overall water consumption due to warmer and drier weather in late June 2024 compared to June 2023. Read More.