Overview
Artesian Q3 net income rises 2.2% yr/yr, driven by temporary rate increase and customer growth
Diluted EPS for Q3 increases to $0.68, reflecting strategic growth initiatives
Company invested $40.5 mln in infrastructure to enhance service reliability and compliance
Outlook
Artesian Resources focuses on operational excellence and regulatory compliance for future stability
Company continues strategic growth plan with infrastructure investments
Artesian invests in infrastructure to meet future regulatory standards
Result Drivers
TEMPORARY RATE INCREASE - Water sales revenue rose due to a temporary rate increase and more customers served, despite lower consumption
CUSTOMER GROWTH - Increase in wastewater revenue attributed to growth in customer base
INFRASTRUCTURE INVESTMENT - $40.5 mln invested in water and wastewater infrastructure to enhance service reliability
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Water Sales | $24.83 mln | ||
Q3 EPS | $0.68 | ||
Q3 Net Income | $6.96 mln | ||
Q3 Basic EPS | $0.68 | ||
Q3 Operating Income | $8.61 mln | ||
Q3 Utility Operating Expenses | $13.43 mln |
Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the water & related utilities peer group is "buy."
Wall Street's median 12-month price target for Artesian Resources Corp is $46.00, about 29.4% above its October 29 closing price of $32.47
Press Release: ID:nGNX5KyMVH
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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