Artesian Resources Corporation delivered fourth-quarter 2017 earnings of 50 cents per share. The figure improved 66.7% from 30 cents in the year-ago quarter.
On a GAAP basis, Artesian Resources posted earnings of 40 cents per share. The difference between GAAP and adjusted earnings was primarily due to the effects of the tax reform.
The company’s operating revenues were $20.2 million, up 4% year over year. Total revenues improved on the back of higher water sales revenues, courtesy of more consumption by customers and increase in the Distribution System Improvement Charge.
Highlights of the Release
In the quarter under review, Artesian Resources’ total operating expenses were $15 million, flat year over year.
Interest expenses were $1.6 million, down 5.2% year over year. The downside was caused by refinancing of the company’s Series O and Series Q First Mortgage bonds in January 2017. New Interest rate for the bonds is 4.24% instead of 8.17% & 4.75%.
The company renewed nearly 8.5 miles of water main in 16 communities in New Castle County, Delaware. It replaced or upgraded eight wells and started construction of a 90-million gallon storage in Sussex County.
The company’s long-term debts were $105.6 million, up 3.2% from $102.3 million of 2016.
Artesian Resources carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Water Works Company (AWK - Free Report) posted fourth-quarter 2017 earnings per share of 69 cents, beating the Zacks Consensus Estimate of 66 cents by 4.5%.
American States Water Company (AWR - Free Report) posted fourth-quarter 2017 earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents by 2.7%.
Aqua America, Inc. (WTR - Free Report) reported fourth-quarter 2017 earnings per share of 30 cents, lagging the Zacks Consensus Estimate of 31 cents by 3.2%.
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