York Water Company Reports 2nd Quarter and Six Months Earnings
August 03 2023 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, JT Hand,
announced the Company's financial results for the second quarter
and the first six months of 2023.
President Hand reported that second quarter
operating revenues of $18,767,000 increased $3,868,000 and net
income of $6,524,000 increased $1,495,000 compared to the second
quarter of 2022. Basic and Diluted Earnings per share of $0.45 for
the three-month period increased $0.09 compared to the same period
last year. Increased revenues were primarily due to an increase in
rates effective March 1, 2023 partially offset by a reset to zero
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. Growth in the customer base also added to revenues.
The increased revenue was partially offset by higher operation and
maintenance expenses and depreciation. Income taxes increased due
to higher taxable income and lower deductions from the IRS tangible
property regulations.
President Hand also reported that the first six
months operating revenues of $34,168,000 increased $5,029,000 and
net income of $10,177,000 increased $1,289,000 compared to the
first six months of 2022. Increased revenues were primarily due to
an increase in rates effective March 1, 2023 partially offset by a
reset to zero of the DSIC. Growth in the customer base also added
to revenues. The increased revenue was partially offset by higher
operation and maintenance expenses and depreciation. Income taxes
increased due to higher taxable income and lower deductions from
the IRS tangible property regulations. Basic and Diluted Earnings
per share of $0.71 for the six-month period increased $0.06
compared to the same period last year.
During the first six months of 2023, the Company
invested $29.7 million in capital projects for armoring and
replacing the spillway of the Lake Williams dam and routine items,
as well as various replacements and improvements to infrastructure.
The Company estimates it will invest an additional $30.4 million in
2023, excluding acquisitions, for armoring and replacing the
spillway of the Lake Williams dam, additional main extensions,
wastewater treatment plant construction, and routine 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 June 30 |
|
In 000's (except per share) |
|
Quarter |
Six Months |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating Revenues |
$ |
18,767 |
$ |
14,899 |
$ |
34,168 |
$ |
29,139 |
Net Income |
$ |
6,524 |
$ |
5,029 |
$ |
10,177 |
$ |
8,888 |
Average Number of Common Shares
Outstanding |
|
14,289 |
|
14,189 |
|
14,282 |
|
13,650 |
Basic and Diluted Earnings Per
Common Share |
$ |
0.45 |
$ |
0.36 |
$ |
0.71 |
$ |
0.65 |
Dividends Declared Per Common
Share |
$ |
0.2027 |
$ |
0.1949 |
$ |
0.4054 |
$ |
0.3898 |
|
|
|
|
|
|
|
|
|
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