Artesian Resources Corporation reported a strong financial performance for the three and nine months ended September 30, 2024, with significant increases in both operating revenues and net income compared to the same periods in 2023. Operating revenues for the third quarter reached $29.1 million, a 9.7% increase from $26.6 million in 2023. For the nine-month period, total operating revenues rose to $81.1 million, up 9.1% from $74.3 million in the prior year. The growth in revenue was primarily driven by a notable increase in water sales, which amounted to $24.1 million for the third quarter, reflecting an 11.3% rise from $21.6 million in 2023. This increase was attributed to a temporary rate hike of 14.6% implemented in late 2023 and a final approved rate increase of 15.2% effective June 2024.

Net income applicable to common stock for the third quarter of 2024 was $6.8 million, a 34.4% increase from $5.1 million in the same quarter of 2023. For the nine months ended September 30, 2024, net income rose to $16.5 million, compared to $13.2 million in 2023. Basic income per common share also improved, reaching $0.66 for the third quarter and $1.61 for the nine-month period, up from $0.49 and $1.33, respectively, in the prior year.

Operating expenses, excluding depreciation and income taxes, increased by 4.9% for the nine-month period, driven by higher costs in purchased power, supply and treatment, and administrative expenses. However, the ratio of operating expenses to total revenue improved, decreasing from 57.0% in 2023 to 54.8% in 2024.

Artesian's capital expenditures for the first nine months of 2024 totaled $30.9 million, significantly lower than $48.8 million in the same period of 2023. The company is focusing on infrastructure improvements and has plans for further capital investments to support growth in water and wastewater services.

Strategically, Artesian has been active in expanding its service capabilities, completing seven acquisitions over the past four years. The company is also pursuing growth opportunities in wastewater services and has commenced construction on a new regional wastewater treatment facility in Sussex County. As of September 30, 2024, Artesian served approximately 97,000 water customers in Delaware, with increases in customer numbers across its service areas.

Overall, Artesian Resources Corporation's financial results reflect a robust operational performance, driven by strategic rate increases and customer growth, positioning the company for continued success in the regulated utility sector.