Rgc Resources ( (RGCO) ) has released its Q4 earnings. Here is a breakdown of the information Rgc Resources presented to its investors.
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RGC Resources, Inc. is a company based in Roanoke, Virginia, that provides energy and related products and services primarily through its subsidiaries Roanoke Gas Company and RGC Midstream, LLC.
RGC Resources reported its earnings for the fiscal year ending September 30, 2024, showing a slight increase in consolidated earnings to $11.76 million, or $1.16 per share, compared to $11.3 million, or $1.14 per share, for the previous year. This increment was attributed to higher earnings from the company’s investment in the Mountain Valley Pipeline (MVP) before it was operational in June 2024.
Key financial highlights include a decrease in operating revenues to $84.64 million from $97.44 million the previous year, driven by a reduction in natural gas costs. Despite this, the company experienced an increase in interest expenses due to rising interest rates, which affected their net income for the quarter ending September 30, 2024, reducing it to $140,822 from $1,014,175 in the same quarter the previous year.
Roanoke Gas continued its strategic investment in utility infrastructure to improve system reliability and support growth. The company also reached a settlement in a rate proceeding with the State Corporation Commission staff, potentially increasing annual revenues by $4.08 million pending approval.
Looking ahead, RGC Resources remains optimistic about its growth prospects, focusing on customer expansion and infrastructure improvements. The management is committed to navigating through industry challenges, including fluctuating gas prices and regulatory developments.
