Artesian Resources Q3 revenue rises on higher water use; EPS falls year over year
Artesian Resources’ third-quarter revenue rose 4.8% year over year to $31.9 million, driven by higher water use and rate hikes. Diluted EPS fell to $0.65 from $0.68 a year earlier.
1. Quarterly results
Artesian Resources reported third-quarter revenue of $31.9 million, up 4.8% year over year, while diluted EPS declined to $0.65 from $0.68. Net income was $6.76 million and operating income was $8.83 million.
2. Revenue and costs
Higher water use, customer growth and rate hikes lifted water sales, while wastewater services and Service Line Protection Plan fees also contributed to revenue growth. Operating expenses increased due to higher supply, treatment, payroll and power costs.
