RGCO RGC Resources

RGC Resources, Inc. Reports 2024 Earnings

RGC Resources, Inc. Reports 2024 Earnings

ROANOKE, Va., Nov. 13, 2024 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $11,760,896, or $1.16 per share, for the fiscal year ended September 30, 2024, compared to $11,299,282, or $1.14 per share, for the fiscal year ended September 30, 2023. The increase reflected higher levels of earnings from the Company’s investment in the Mountain Valley Pipeline (“MVP”) due to more AFUDC in fiscal 2024 prior to the pipeline being placed in service in June 2024. The lower cost of natural gas in 2024 reduced bills to customers and revenues for the Company, despite inflationary costs leading to higher tariffs. Interest expense also increased primarily due to higher interest rates.

Roanoke Gas continued investing in utility infrastructure to enhance system reliability and enable growth in customers and earnings. CEO Paul Nester stated, “Gas flowing through the MVP in 2024 is a major milestone we worked hard to achieve, and one we and the region will long appreciate. We are pleased to have recently reached a settlement on our pending rate proceeding with the State Corporation Commission staff that provides for an incremental increase in annual revenues of $4.08 million, subject to approval by the Commission.”

Net income for the quarter ended September 30, 2024 was $140,822, or $0.01 per share, compared to $1,014,175, or $0.10 per share, for the quarter ended September 30, 2023. A lower level of earnings from our investment in MVP along with higher interest expense resulted in lower net income compared to the same quarter a year ago.

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from any expectations expressed in the Company’s forward-looking statements, regarding customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations, expectations regarding the rate making, MVP operation and Southgate construction, along with risks included under Item 1-A in the Company’s fiscal 2023 Form10-K. Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.

Past performance is not necessarily a predictor of future results.

Summary financial statements for the fourth quarter and twelve months are as follows:

 
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  September 30, September 30,
   2024   2023   2024   2023 
         
Operating revenues $13,104,302  $12,467,528  $84,641,232  $97,439,765 
Operating expenses  12,861,881   11,723,420   67,559,472   79,761,285 
Operating income  242,421   744,108   17,081,760   17,678,480 
Equity in earnings of unconsolidated affiliate  872,048   1,561,409   3,851,871   2,084,990 
Other income, net  887,837   443,373   1,028,761   646,528 
Interest expense  1,734,906   1,430,213   6,504,885   5,618,805 
Income before income taxes  267,400   1,318,677   15,457,507   14,791,193 
Income tax expense  126,578   304,502   3,696,611   3,491,911 
         
Net income $140,822  $1,014,175  $11,760,896  $11,299,282 
         
Net earnings per share of common stock:        
Basic $0.01  $0.10  $1.16  $1.14 
Diluted $0.01  $0.10  $1.16  $1.14 
         
Cash dividends per common share$0.2000  $0.1975  $0.8000  $0.7900 
         
Weighted average number of common shares outstanding:      
Basic  10,223,785   10,009,491   10,152,909   9,922,701 
Diluted  10,228,365   10,011,039   10,156,480   9,927,157 
         
         
Condensed Consolidated Balance Sheets
(Unaudited)
         
    September 30, 
Assets    2024   2023   
Current assets   $25,072,301  $26,795,262   
Utility property, net    262,041,454   247,583,551   
Other non-current assets    33,777,404   29,350,527   
         
Total Assets   $320,891,159  $303,729,340   
         
Liabilities and Stockholders' Equity       
Current liabilities   $28,698,430  $32,918,787   
Long-term debt, net    136,672,908   125,844,728   
Deferred credits and other non-current liabilities   47,383,046   44,233,200   
Total Liabilities    212,754,384   202,996,715   
Stockholders' Equity    108,136,775   100,732,625   
         
Total Liabilities and Stockholders' Equity  $320,891,159  $303,729,340   



Contact:Timothy J. Mulvaney
 VP, Treasurer and CFO
Telephone:(540) 777-3997


EN
13/11/2024

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