Artesian Resources Q2 revenue rises 7.4% on rate hikes, customer growth
Overview
- US water utility's Q2 revenue rose 7.4% yr/yr, driven by rate hikes and customer growth
- Diluted EPS for Q2 increased 4.9% yr/yr
- Operating expenses rose due to higher payroll, supply, and administrative costs
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Water Sales | $24.43 mln | ||
| Q2 EPS | $0.64 | ||
| Q2 Net Income | $6.58 mln | ||
| Q2 Basic EPS | $0.64 | ||
| Q2 Operating Income | $8.62 mln | ||
| Q2 Utility Operating Expenses | $13.44 mln |
Analyst coverage
- The one available analyst rating on the shares is "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 $43.00, about 26.2% above its August 5 closing price of $34.07
Outlook and result drivers
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Company did not provide specific financial guidance for the current or future periods
