Artesian Resources Q1 Revenue Up 7.3% to $27.8M; Board Increases Dividend 2%
Artesian Resources reported first-quarter net income of $5.9 million, a 9.2% increase year-over-year, and diluted EPS rose 7.5% to $0.57 on revenue growth of 7.3% to $27.8 million. The board approved a 2% dividend increase, boosting the quarterly payout to $0.3199 per share, marking the 134th consecutive distribution.
1. Q1 Financial Results
Artesian Resources reported first-quarter net income of $5.9 million, up 9.2% year-over-year, with diluted earnings of $0.57 per share, a 7.5% increase. Total revenues reached $27.8 million, representing a 7.3% gain over the same period last year.
2. Operational Performance Drivers
Water sales revenue climbed $1.5 million, or 7.3%, driven by temporary Delaware rate increases and customer growth. Other utility operating revenue rose 6.2% on higher industrial wastewater demand, while non-utility revenue grew 9.5% from increased service plan participation. Operating expenses excluding depreciation and taxes increased 5.7%.
3. Capital Expenditure Overview
The company invested $13.1 million in the first quarter on critical water and wastewater infrastructure, including installation of new mains, services and hydrants, meter reading equipment upgrades, PFAS treatment enhancements and construction of new wastewater treatment facilities.
4. Dividend Increase Details
Artesian’s board approved a 2% increase in the quarterly dividend to $0.3199 per share, raising the annualized payout to $1.2796. The dividend is payable May 29 to shareholders of record as of May 15, marking the 134th consecutive quarterly distribution.
