RGC Resources Reports 2024 Earnings; Schedules Q4 Call
Monday, Nov 25, 2024 4:23 pm ET
1min read RGC Resources, Inc. (RGCO) has announced its consolidated earnings for the fiscal year ended September 30, 2024, and scheduled its fourth quarter earnings call. The company's earnings increased by 4.09% year-over-year, reaching $11.76 million, or $1.16 per share. This growth was primarily driven by its investment in the Mountain Valley Pipeline (MVP), which contributed higher levels of earnings through Accumulated Funds Used During Construction (AFUDC) prior to the pipeline's placement in service in June 2024.
Despite the lower cost of natural gas in 2024, which reduced customer bills and revenues, RGC Resources' earnings grew due to the positive impact of the MVP investment. The company also continued investing in utility infrastructure, enhancing system reliability and enabling growth in customers and earnings. Additionally, RGC Resources recently reached a settlement on a pending rate proceeding with the State Corporation Commission staff, providing for an incremental increase in annual revenues of $4.08 million, subject to approval. This settlement further contributed to the company's earnings growth.
RGC Resources, Inc. has scheduled its quarterly conference call and webcast to review the results of its fiscal fourth quarter and 2024 fiscal year on Thursday, December 5, 2024, at 9:00 a.m. eastern time. Interested parties may access the conference call by dialing toll-free 1-877-304-9269 and entering conference identification number 917621.
The company's earnings growth in 2024 highlights its strategic investments in utility infrastructure and pipeline projects, as well as the positive impact of the rate settlement. As RGC Resources continues to invest in its operations and adapt to market conditions, investors will be watching the fourth quarter results to assess the company's progress and future prospects.
Despite the lower cost of natural gas in 2024, which reduced customer bills and revenues, RGC Resources' earnings grew due to the positive impact of the MVP investment. The company also continued investing in utility infrastructure, enhancing system reliability and enabling growth in customers and earnings. Additionally, RGC Resources recently reached a settlement on a pending rate proceeding with the State Corporation Commission staff, providing for an incremental increase in annual revenues of $4.08 million, subject to approval. This settlement further contributed to the company's earnings growth.
RGC Resources, Inc. has scheduled its quarterly conference call and webcast to review the results of its fiscal fourth quarter and 2024 fiscal year on Thursday, December 5, 2024, at 9:00 a.m. eastern time. Interested parties may access the conference call by dialing toll-free 1-877-304-9269 and entering conference identification number 917621.
The company's earnings growth in 2024 highlights its strategic investments in utility infrastructure and pipeline projects, as well as the positive impact of the rate settlement. As RGC Resources continues to invest in its operations and adapt to market conditions, investors will be watching the fourth quarter results to assess the company's progress and future prospects.
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