The York Water Company Reports 2022 Annual And Fourth Quarter Results
March 07 2023 - 9:00AM
The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand,
announced the Company's 2022 financial results.
President Hand reported that 2022 operating
revenues of $60,061,000 increased $4,942,000 and net income of
$19,580,000 increased $2,596,000 compared to 2021. Basic and
Diluted Earnings per share of $1.40 for 2022 increased $0.10
compared to 2021. Dividends per share rose 4% compared to 2021.
Increased revenues were primarily due to growth in the customer
base from acquisitions and the utilization of the Distribution
System Improvement Charge (DSIC). The DSIC is a Pennsylvania Public
Utility Commission allowed charge that water utilities collect from
customers for the replacement of aging infrastructure. The
increased revenue was partially offset by higher operation and
maintenance expenses and depreciation. Income taxes decreased due
to higher deductions from the IRS tangible property
regulations.
During the year, the Company invested $50.5
million in construction expenditures for armoring and replacing the
spillway of the Lake Williams dam, wastewater treatment plant
construction, routine items, as well as various replacements and
improvements to infrastructure. During 2022, the Company replaced
approximately 61,000 feet of pipe to improve its distribution
system, reduce ongoing expenses, and improve customer service. In
addition, the Company invested a combined $3.4 million in the
acquisition of multiple water and wastewater systems.
President Hand also reported that for the fourth
quarter of 2022 operating revenues increased $1,377,000 and net
income increased $1,010,000 compared to the fourth quarter of 2021.
Basic and Diluted Earnings per share of $0.35 for the fourth
quarter of 2022 increased $0.04 compared to the same period last
year. Increased revenues were primarily due to growth in the
customer base from acquisitions and the utilization of the DSIC.
The increased revenue was partially offset by higher operation and
maintenance expenses and depreciation.
President Hand reported that York Water plans to
invest approximately $60.6 million in 2023 and $47.1 million in
2024, excluding acquisitions, for additional main extensions,
armoring and replacing the spillway of the Lake Williams dam,
wastewater treatment plant construction, water treatment plant
upgrades, and improvements to its pipes, service lines, and other
facilities to ensure a safe, adequate, and reliable supply of
drinking water and to maintain proper handling and disposal of
wastewater for the Company’s growing customer base.
|
Period Ended December 31 |
|
In 000's (except per share) |
|
Quarter |
Twelve Months |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Operating Revenues |
$ |
15,111 |
$ |
13,734 |
$ |
60,061 |
$ |
55,119 |
Net Income |
$ |
5,011 |
$ |
4,001 |
$ |
19,580 |
$ |
16,984 |
Average Number of Common Shares
Outstanding |
|
14,266 |
|
13,096 |
|
13,958 |
|
13,076 |
Basic and Diluted Earnings Per
Common Share |
$ |
0.35 |
$ |
0.31 |
$ |
1.40 |
$ |
1.30 |
Dividends Declared Per Common
Share |
$ |
0.2027 |
$ |
0.1949 |
$ |
0.7874 |
$ |
0.7571 |
This news release may contain forward-looking
statements regarding the Company’s operational and financial
expectations. These statements are based on currently available
information and are subject to risks, uncertainties, and other
events which could cause the Company’s actual results to be
materially different from the results described in this statement.
The Company undertakes no duty to update any forward-looking
statement.
Contact:
JT Hand, President and CEO
jth@yorkwater.com, 717-718-7554
or
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com, 717-718-7549
Phone: 717-845-3601
York Water (NASDAQ:YORW)
Historical Stock Chart
From Mar 2024 to Apr 2024
York Water (NASDAQ:YORW)
Historical Stock Chart
From Apr 2023 to Apr 2024