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The York Water Company (YORW-0.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $19,715,000 from $18,767,000 in the same quarter the previous year. The increase is attributed to revenues from the distribution system improvement charge and growth in the customer base.
Operating expenses for the quarter were $11,660,000, compared to $10,334,000 in the same quarter of the previous year. The increase was primarily due to higher expenses for depreciation, wages, and wastewater treatment.
The company reported a net income of $5,863,000 for the quarter, down from $7,568,000 in the previous year. The decrease was due to higher operating expenses, lower allowance for funds used during construction, and higher income taxes.
Interest on debt increased to $2,243,000 from $1,850,000, primarily due to an increase in long-term debt outstanding and higher interest rates.
Cash provided by operating activities was $20,391,000 for the nine months ended September 30, 2024, compared to $23,407,000 in the same period of the previous year.
The company completed several acquisitions during the year, including wastewater and water assets in various townships, adding approximately 285 customers. These acquisitions are considered immaterial to company results.
The York Water Company maintains a line of credit of $50,000, with $8,732,000 in borrowings as of September 30, 2024. The line of credit was renewed with a maturity date extended to September 2026.
The company continues to focus on expanding its customer base and infrastructure, with anticipated construction expenditures of approximately $9,700,000 for the remainder of 2024.
The filing also details regulatory matters, including a distribution system improvement charge of 1.14% effective October 1, 2024, and ongoing tariff modifications for lead service line replacements.
The company expects to maintain its current credit rating and has no plans to file a rate increase request in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The York Water Company quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.