NEWARK, DE — Artesian Resources Corporation (Nasdaq: ARTNA) has announced its financial results for the third quarter of 2024, showcasing significant growth and strategic investments in infrastructure. The company reported a net income of $6.8 million, marking a 34.4% increase compared to the same period in 2023. Diluted net income per share rose to $0.66 from $0.49.
Revenues for the quarter totaled $29.1 million, a 9.7% increase from the previous year, driven by a 14.6% temporary rate increase in water sales implemented in late 2023, which was replaced by a 15.2% final rate increase in mid-2024. The rise in revenue was further supported by increased water consumption due to drier weather and a growing customer base.
CEO Dian C. Taylor expressed satisfaction with the company’s performance, stating, “We are pleased to report an increase in water sales revenues as a result of new customers served, higher customer consumption, and the resolution of our Delaware water rate case. In addition to the increase in revenues, we continue to successfully manage expenses despite inflationary pressures and more stringent regulatory requirements.”
Operating expenses, excluding depreciation and taxes, increased modestly by 4.9%, reflecting higher costs in supply, treatment, and administrative operations. Depreciation costs decreased slightly due to revised rates following the rate case settlement.
In line with its commitment to infrastructure, Artesian invested $30.9 million in water and wastewater projects in the first nine months of 2024. President of Artesian Water Company, Nicki Taylor, highlighted the company’s proactive stance on water quality, “Artesian continues to proactively invest in water quality initiatives, ahead of the evolving regulatory landscape, addressing matters such as PFAS contamination and lead in water service lines.”
The company also announced a 2% increase in its quarterly dividend, marking the 128th consecutive dividend payout to shareholders. This decision reflects Artesian’s ongoing dedication to shareholder value and stability.
Artesian remains focused on expanding its customer base and strengthening its service reliability, positioning itself well for future growth and operational efficiency.
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