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RGC Resources Inc. (RGCO0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports an increase in operating revenues to $27,289,486 from $24,419,352 in the same quarter the previous year. This increase is primarily due to the implementation of new non-gas base rates and higher delivered volumes.
Gross utility margin increased to $15,560,495 from $14,294,838, driven by the new non-gas base rates and increases in SAVE and RNG revenues, despite a reduction in WNA and ICC revenues.
Operating expenses rose to $19,961,465 from $17,767,315, with operations and maintenance expenses increasing by $353,474 due to higher personnel costs and costs to operate the RNG facility.
Net income for the quarter was $5,269,689, up from $5,019,992 in the previous year. Basic and diluted earnings per share were $0.51, compared to $0.50 in the previous year.
Cash provided by operating activities was $827,190, while cash used in investing activities was $5,751,463, primarily for utility property expenditures.
Cash provided by financing activities was $6,128,451, reflecting net borrowings under the line-of-credit and issuance of common stock.
The company recorded a quarterly cash distribution of approximately $800,000 from its investment in the Mountain Valley Pipeline, which is now in service.
RGC Resources continues to focus on infrastructure replacement projects and expanding its natural gas distribution system to meet customer demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RGC Resources Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.