The York Water ( (YORW) ) has released its Q3 earnings. Here is a breakdown of the information The York Water presented to its investors.
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The York Water Company, a notable utility provider in the water sector, operates in south-central Pennsylvania, delivering water and wastewater services across multiple municipalities.
The company’s recent earnings report for the third quarter and the first nine months of 2024 reflects a mixed performance with increased operating revenues but a decrease in net income compared to the previous year. This development is primarily driven by higher operational costs and lower construction financing allowances, despite revenue growth from infrastructure improvements and customer base expansion.
In the third quarter, York Water reported operating revenues of $19.7 million, marking a $948,000 increase from the same period in 2023. However, net income fell by $1.7 million to $5.9 million, while earnings per share dropped by $0.12. For the first nine months, revenues rose by $3.2 million to $56.1 million, but net income decreased by $2.6 million, leading to a drop in earnings per share by $0.18. The company attributes revenue increases to rate adjustments and infrastructure charges, whereas higher maintenance expenses and depreciation impacted profitability.
The company has invested significantly in capital projects, including dam improvements and wastewater treatment facilities, with a total investment of $33 million in the first nine months of 2024. Additionally, York Water expanded its service area through acquisitions, further solidifying its presence across four counties. The company plans to invest another $9.7 million within the year for ongoing infrastructure enhancements to support its growing customer base.
Looking ahead, The York Water Company remains committed to ensuring a reliable water supply and efficient wastewater management through strategic investments and infrastructure upgrades, balancing growth with financial prudence.
