NEWARK, DE — Artesian Resources Corporation (Nasdaq: ARTNA) has announced its financial results for 2024, reporting robust earnings growth alongside significant investments in water and wastewater infrastructure.
Net income for the year totaled $20.4 million, reflecting a $3.7 million, or 22.1%, increase from 2023. Diluted net income per share stood at $1.98 compared to $1.67 the previous year. Revenues for 2024 reached $108.0 million, an increase of $9.1 million, or 9.2%, over 2023. Much of this growth stemmed from a rate adjustment implemented in late 2023, as well as increased water consumption and customer growth.
“I am pleased to report improved earnings in 2024 as we remain focused on critical investments in infrastructure and managing costs,” said Nicholle Taylor, President and CEO of Artesian Resources. “We invested $45.9 million in infrastructure during the year, demonstrating our commitment to delivering resilient water and wastewater systems that protect public health and the environment.”
Water sales revenue grew by $8.0 million, or 10.1%, driven by the rate increase and growing demand. Other utility operating revenue climbed by 7.7%, primarily due to increased wastewater services and a larger customer base.
Despite revenue gains, operating expenses rose by $4.1 million, or 7.3%, most notably in utility operating costs tied to payroll, supply and treatment, and system maintenance. Depreciation expenses also increased slightly due to continued investments in utility infrastructure.
Artesian’s fourth-quarter performance mirrored its year-end success, with net income increasing by $0.4 million, or 10.5%, to $3.9 million. Quarterly revenue rose to $26.8 million, up 9.4% from the same period in 2023.
CFO David Spacht highlighted the benefits of the company’s 2023 rate adjustment while pointing to ongoing challenges related to operational expenses. “Our 2024 financial results benefitted from settlement with the Delaware Public Service Commission of our 2023 rate filing. However, rising costs for energy and water treatment emphasize the importance of timely rate recovery to support infrastructure needs and operational demands,” Spacht explained.
During 2024, Artesian proactively invested $45.9 million in water and wastewater infrastructure, focusing on aging system rehabilitation, new main installations, wastewater treatment enhancements, and equipment upgrades. These efforts underscore the company’s commitment to ensuring reliable service and high-quality water for its customers.
Artesian Resources’ financial results and infrastructure initiatives position the company strongly for the future, demonstrating its dedication to sustainable growth while meeting the needs of its customers across Delaware and surrounding regions.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.