NEWARK, Del., Oct. 30, 2025 (GLOBE NEWSWIRE) — Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and a number of other related business services, today announced third quarter and year-to-date results for 2025. Third Quarter Results Net income for the three months ended September 30, 2025 was $7.0 million, a $0.1 million, or 2.2%, increase compared to net income for the three months ended September 30, 2024. Diluted net income per share increased 3.0% to $0.68, compared to $0.66 for the same period in 2024. Revenues totaled $30.5 million for the three months ended September 30, 2025, $1.3 million, or 4.6%, more than revenues for the three months ended September 30, 2024. Water sales revenue increased $0.7 million, or 3.1%, primarily the result of a temporary rate increase placed into effect on June 3, 2025, as permitted under Delaware law, until permanent rates are determined by the Delaware Public Service Commission, or DEPSC, as well as an increase in the number of customers served, partially offset by a slight decrease in consumption. Other utility operating revenue increased approximately $0.4 million, or 12.6%, primarily due to an increase in wastewater revenue associated with additional customers served. Non-utility operating revenue increased approximately $0.2 million, or 10.8%, primarily due to an increase in Service Line Protection Plan, or SLP Plan, revenue, resulting from an increase in rates placed into effect on December 1, 2024. Operating expenses, excluding depreciation and income taxes, increased $1.0 million, or 6.7%, for the three months ended September 30, 2025, compared to the same period in 2024. Utility operating expenses increased $1.3 million, or 10.8%. The increase in utility operating expenses consists of a $0.7 million increase in payroll and employee benefit costs, a $0.4 million increase in supply and treatment costs, a $0.2 million increase in administrative costs, and a $0.1 million increase in transmission, distribution and collection system costs. The increase in utility operating expenses is partially offset by a $0.1 million decrease in purchased water costs. Depreciation and amortization expense increased $0.2 million, or 6.4%, primarily due to additional depreciation from continued investment in utility plant related to providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers. Federal and state income tax expense increased $0.1 million, or 5.0%, primarily due to higher pre-tax book income. Property and other taxes decreased $0.4 million, primarily due to a decrease in tax rates on utility plant partially offset by an increase in utility plant subject to taxation. Other income increased $0.1 million, primarily due to an increase in allowance for funds used during construction, or AFUDC, as a result of higher long-term construction activity subject to AFUDC. “Artesian continues to execute our strategic growth plan for water and wastewater services, expanding our customer base in a manner that strengthens operational efficiency and supports sustainable growth,” said Nicki Taylor, Chair, President and CEO. “Looking ahead, we remain focused on operational excellence, regulatory compliance and strong financial management. This approach supports the long-term interests of our customers and reinforces the continued strength and stability of our company for our shareholders.” Year-to-Date Results Net income for the nine months ended September 30, 2025 was $18.7 million, a $2.1 million, or 12.9%, increase compared to net income for the nine months ended September 30, 2024. Diluted net income per share increased 12.4% to $1.81, compared to $1.61 for the same period in 2024. Revenues totaled $84.9 million for the nine months ended September 30, 2025, $3.8 million, or 4.7%, more than revenues for the nine months ended September 30, 2024. Water sales revenue increased $2.2 million, or 3.3%, primarily the result of a temporary rate increase placed into effect on June 3, 2025, as well as an increase in the number of customers served, DSIC revenue and overall water consumption. Other utility operating revenue increased approximately $1.1 million, or 11.6%, primarily due to an increase in wastewater revenue associated with customer growth. Non-utility operating revenue increased approximately $0.5 million, or 10.3%, primarily due to an increase in SLP Plan revenue, resulting from an increase in rates that were placed into effect on December 1, 2024. Operating expenses, excluding depreciation and income taxes, increased $1.7 million, or 3.9%. Utility operating expenses increased $2.0 million, or 5.5%. The increase in utility operating expenses consists of a $0.7 million increase in administrative costs, a $0.5 million increase in payroll and employee benefit costs, a $0.4 million increase in transmission, distribution and collection system costs, a $0.3 million increase in purchased power costs and a $0.2 million increase in supply and treatment costs. The increase in utility operating expenses is partially offset by a $0.1 million decrease in purchased water costs. Non-utility operating expenses decreased $0.1 million, or 2.2%, primarily due to a decrease in payroll and employee benefit costs. Depreciation and amortization expense increased $0.1 million, or 0.9%, primarily due to additional depreciation from continued investment in utility plant related to providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers. Federal and state income tax expense increased $0.5 million, or 8.5%, primarily due to higher pre-tax book income, partially offset by higher regulatory deferred income tax amortization in 2025 compared to 2024. Property and other taxes decreased $0.2 million, or 4.4%, primarily due to a decrease in tax rates on utility plant partially offset by an increase in utility plant subject to taxation. Other income increased $0.6 million, or 23.5%, primarily as a result of higher long-term construction activity subject to AFUDC. Capital Expenditures As part of Artesian's ongoing effort to ensure high-quality, reliable service to customers, $40.5 million was invested in the first nine months of 2025 in water and wastewater infrastructure projects. These investments include renewals associated with the rehabilitation of aging infrastructure, installation of new mains, construction of a new wastewater treatment plant, upgrading elevated storage tanks, upgrading and replacing our meter reading equipment, and upgrading existing pumping and treatment stations, including PFAS treatment upgrades, to better serve our customers. “Artesian continues to make significant investments in infrastructure to address aging assets and ensure continued reliability across our water and wastewater systems. These investments not only maintain compliance with more stringent state regulatory standards but also position us well ahead of anticipated federal requirements,” said Nicki Taylor. About Artesian Resources Forward Looking Statements Contact:
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and a number of other related core business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian Water Company supplies 9.4 billion gallons of water per year through 1,491 miles of main to over a third of Delawareans.
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth strategy, our expectations regarding infrastructure investments, our ability to comply with future regulatory standards, continued growth in our business and the number of customers served, and our continued provision of high-quality, reliable service to customers. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, failure to receive regulatory approvals, changes in economic and market conditions generally and other matters discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company's views as of any date subsequent to the date of this release.
Virginia Eisenbrey
(302) 453-6900
VEisenbrey@artesianwater.com
Artesian Resources Corporation
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2025
2024
2025
2024
Operating Revenues
Water sales
$
24,837
$
24,092
$
68,608
$
66,419
Other utility operating revenue
3,780
3,358
10,777
9,661
Non-utility operating revenue
1,874
1,692
5,541
5,022
30,491
29,142
84,926
81,102
Operating Expenses
Utility operating expenses
13,431
12,125
38,261
36,261
Non-utility operating expenses
1,265
1,213
3,396
3,474
Depreciation and amortization
3,497
3,287
10,268
10,177
State and federal income taxes
2,473
2,355
6,488
5,982
Property and other taxes
1,206
1,572
4,494
4,700
21,872
20,552
62,907
60,594
Operating Income
8,619
8,590
22,019
20,508
Allowance for funds used during construction
584
474
1,771
1,126
Miscellaneous
(48
)
(58
)
1,411
1,450
Income Before Interest Charges
9,155
9,006
25,201
23,084
Interest Charges
2,193
2,193
6,514
6,535
Net Income
$
6,962
$
6,813
$
18,687
$
16,549
Weighted Average Common Shares Outstanding – Basic
10,312
10,297
10,308
10,293
Net Income per Common Share – Basic
$
0.68
$
0.66
$
1.81
$
1.61
Weighted Average Common Shares Outstanding – Diluted
10,314
10,298
10,309
10,294
Net Income per Common Share – Diluted
$
0.68
$
0.66
$
1.81
$
1.61
Artesian Resources Corporation
Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
September 30,
December 31,
2025
2024
Assets
Utility Plant, at original cost less
accumulated depreciation
$
788,318
$
747,186
Current Assets
19,577
24,528
Regulatory and Other Assets
26,013
26,909
$
833,908
$
798,623
Capitalization and Liabilities
Stockholders' Equity
$
248,843
$
239,189
Long Term Debt, Net of Current Portion
174,660
176,509
Current Liabilities
28,972
25,593
Advances for Construction
1,369
1,582
Contributions in Aid of Construction
298,789
272,405
Other Liabilities
81,275
83,345
$
833,908
$
798,623
