Artesian Resources Corporation (ARTNA) Quarterly 10-Q Report
Artesian Resources Corporation (ARTNA) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $29.1 million from $26.6 million in the same quarter the previous year. The increase is attributed to a temporary rate increase and an increase in water consumption due to drier weather.
Utility operating expenses for the quarter increased to $12.1 million from $11.6 million in the previous year, primarily due to higher costs in purchased power, water, supply and treatment, and administrative expenses.
Depreciation and amortization expenses decreased slightly to $3.3 million from $3.4 million, due to revised depreciation rates approved in the recent rate case.
The company reported a net income of $6.8 million for the quarter, compared to $5.1 million in the previous year, with the increase attributed to higher operating revenues.
Cash provided by operating activities was $30.1 million for the nine months ended September 30, 2024, an increase from $23.4 million in the previous year.
Capital expenditures for the nine months were $30.9 million, compared to $48.8 million in the previous year, with investments focused on infrastructure improvements and new facilities.
Artesian had $60 million in available lines of credit as of September 30, 2024, with no outstanding balances, and expects to renew these lines upon expiration.
The filing also discusses regulatory proceedings, including a settlement agreement with the Delaware Public Service Commission for a rate increase effective June 12, 2024.
Artesian continues to focus on expanding its water and wastewater services across the Delmarva Peninsula and anticipates growth in its non-utility subsidiaries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Artesian Resources Corporation Class A Non-Voting Common Stock quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].