The York Water Company has reported its 2023 annual and fourth quarter results, showing significant increases in operating revenues and net income compared to the previous year.
In 2023, operating revenues reached $71,031,000, marking a substantial increase of $10,970,000 from 2022. Net income also saw a notable rise, reaching $23,757,000, reflecting a $4,177,000 increase compared to the previous year. Basic and diluted earnings per share for 2023 stood at $1.66, marking a $0.26 increase from 2022. Dividends per share also rose by 4% compared to the previous year.
The company attributed the increased revenues primarily to a rate increase effective from March 1, 2023, partly offset by the reset to zero of the distribution system improvement charge (DSIC). Additionally, growth in the customer base contributed to the revenue increase. However, higher operation and maintenance expenses and depreciation partly offset the revenue growth.
During the year, the company invested $64.6 million in construction expenditures for various infrastructure projects and replacements. Notably, it replaced approximately 50,200 feet of pipe to enhance its distribution system and customer service. The company also made a combined $625,000 investment in the acquisition of a water and wastewater system.
For the fourth quarter of 2023, operating revenues increased by $2,985,000, and net income increased by $1,001,000 compared to the same period in 2022. Basic and diluted earnings per share for the fourth quarter of 2023 stood at $0.42, marking a $0.07 increase from the fourth quarter of 2022.
Looking ahead, York Water plans to invest approximately $42.2 million in 2024 and $46.1 million in 2025, excluding acquisitions, for various infrastructure and system upgrades to ensure a reliable water supply and wastewater handling for its growing customer base.
Today the company's shares have moved -1.6% to a price of $35.19. Check out the company's full 8-K submission here.
