Financial Performance - Total operating revenues for the three months ended March 31, 2025, increased to $25,886,000, up 5.5% from $24,544,000 in the same period of 2024[15] - Net income applicable to common stock for Q1 2025 was $5,435,000, representing a 23.2% increase compared to $4,411,000 in Q1 2024[15] - Basic net income per common share rose to $0.53 in Q1 2025, up from $0.43 in Q1 2024, reflecting a 23.3% increase[15] - Operating income for Q1 2025 was $5,546,000, a 17.5% increase from $4,719,000 in Q1 2024[15] - Regulated Utility revenues for the three months ended March 31, 2025, were $24,045 thousand, up from $22,840 thousand in 2024, representing an increase of approximately 5.3%[116] - Consolidated revenues for the three months ended March 31, 2025, totaled $25,886 thousand, compared to $24,544 thousand in 2024, reflecting a growth of about 5.4%[116] Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were $3,707,000, compared to $9,503,000 at the end of Q1 2024, indicating a decrease of 61.0%[19] - Total assets as of March 31, 2025, were $808,852,000, an increase of 1.5% from $798,623,000 as of December 31, 2024[13] - Total stockholders' equity increased to $241,650,000 as of March 31, 2025, up from $239,189,000 at the end of 2024, reflecting a growth of 1.0%[12] Expenditures and Dividends - Capital expenditures for Q1 2025 were $10,398,000, compared to $8,922,000 in Q1 2024, representing an increase of 16.5%[17] - Cash dividends per share of common stock increased to $0.3014 in Q1 2025 from $0.2897 in Q1 2024, marking a rise of 4.9%[15] - Cash dividends declared for common stock in the first quarter of 2025 totaled $3,104,000, compared to $2,980,000 in the first quarter of 2024, indicating a growth of about 4.2%[22] Revenue Sources - Tariff revenue increased to $23.386 million in Q1 2025, up from $22.369 million in Q1 2024, driven by a rise in consumption charges and industrial wastewater services[57] - Non-tariff revenue rose to $2.060 million in Q1 2025, compared to $1.828 million in Q1 2024, with significant contributions from service line protection plans and inspection fees[57] - The company recognized $1.4 million in revenue from deferred tariff revenue and $0.4 million from deferred non-tariff revenue during the three months ended March 31, 2025[58] Customer Base and Services - Artesian Water Company continues to expand its services, providing water to various customer segments across Delaware, including residential and commercial[26] - The company served approximately 97,700 customers in Delaware, 2,700 customers in Maryland, and 40 customers in Pennsylvania as of March 31, 2025[82] - The company operates wastewater treatment facilities with a combined capacity of approximately 3.8 million gallons per day, supporting environmental sustainability initiatives[32] Regulatory and Compliance - The company is committed to maintaining compliance with regulatory accounting standards as prescribed by relevant public service commissions[39] - Artesian Water's revenue requirement increase approved by DEPSC is $11.2 million annually, approximately 15.2%, effective June 12, 2024[101] - A temporary rate increase of $10.8 million, or 14.6%, was implemented on November 28, 2023, subject to refund[101] Liabilities and Debt - The carrying amount of the company's long-term debt is $178,213,000, with an estimated fair value of $159,926,000[72] - Regulatory liabilities amounted to $29.975 million as of March 31, 2025, a decrease from $30.267 million on December 31, 2024[97] - The deferred income tax regulatory liability related to the Tax Cuts and Jobs Act is $27,167,000, reflecting a decrease from $27,492,000[97] Other Financial Metrics - Cash flows from operating activities for Q1 2025 were $10,958,000, down from $12,594,000 in Q1 2024, a decrease of 12.9%[17] - Accounts receivable totaled $10.433 million as of March 31, 2025, down from $11.682 million at the end of 2024, with a provision for expected credit loss of $351,000[63] - The investment in CoBank increased to $6,889,000 as of March 31, 2025, from $6,425,000 as of December 31, 2024[85]

Core Points - Artesian Resources Corporation has approved a 2% increase in the quarterly dividend per share, raising the annualized dividend to $1.2296 per share [1][2] - The quarterly dividend rate is now $0.3074 per share, payable on May 27, 2025, to shareholders of record as of May 16, 2025 [1] - This marks the 130th consecutive dividend paid to shareholders, reflecting the company's commitment to returning value to investors [2] Company Overview - Artesian Resources Corporation operates as a holding company for wholly-owned subsidiaries that provide water and wastewater services on the Delmarva Peninsula [3] - The principal subsidiary, Artesian Water Company, is the oldest and largest regulated water utility in the region, supplying 9.5 billion gallons of water annually through 1,491 miles of water main to over a third of Delaware's population [3]

Earnings Announcement - Artesian Resources Corporation announced its earnings for the quarter ended March 31, 2025, on May 5, 2025[3] - The press release regarding the earnings is attached as Exhibit 99.1[5] Company Classification - The company is not classified as an emerging growth company under the Securities Act of 1933[2]

Core Insights - Artesian Water Company has appointed Deirdre S. Smith as the new Director of Planning, responsible for various planning initiatives including water main renewals and wastewater system projects [1][3] - Ms. Smith brings over 35 years of experience from the engineering consulting industry, previously serving as Vice-President at Verdantas and COO at Duffield Associates [4] - The company emphasizes the importance of Ms. Smith's engineering background and local business experience in enhancing reliable water and wastewater services in the Delmarva region [5] Company Overview - Artesian Resources Corporation operates as a holding company for subsidiaries providing water and wastewater services on the Delmarva Peninsula [6] - Artesian Water Company is the oldest and largest regulated water utility in the region, supplying 9.5 billion gallons of water annually through 1,491 miles of water main to over a third of Delaware residents [6]

Core Insights - Artesian Water Company has appointed Deirdre S. Smith as the new Director of Planning, responsible for various planning initiatives including water main renewals and subdivision planning for water and wastewater systems [1][3] - Deirdre S. Smith brings over 35 years of experience in the engineering consulting industry, having previously served as Vice-President at Verdantas and COO at Duffield Associates [4] - Artesian Resources Corporation operates as a holding company providing water and wastewater services on the Delmarva Peninsula, supplying 9.5 billion gallons of water annually to over a third of Delaware residents [6] Company Overview - Artesian Water Company is the oldest and largest regulated water utility on the Delmarva Peninsula, providing water service since 1905 [6] - The company operates a network of 1,491 miles of water main [6] Leadership and Community Engagement - Nicki Taylor, President and CEO of Artesian, expressed confidence that Smith's engineering background and local experience will enhance the reliability of water and wastewater services in the region [5] - Deirdre S. Smith is actively involved in the Delaware business community, serving as President of the Committee of 100 and on the Board of Family Promise of Northern New Castle County [5]

Core Insights - Artesian Resources Corporation has made its 2024 Annual Report available electronically to shareholders through its website [1] - Shareholders can request a free print copy of the 2024 Annual Report by contacting the company directly [1] Company Overview - Artesian Resources Corporation operates as a holding company with wholly owned subsidiaries that provide water and wastewater services on the Delmarva Peninsula [2] - Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula, providing water service since 1905 [2] - The company supplies 9.5 billion gallons of water annually through 1,491 miles of water main to over a third of Delaware residents [2]

Core Insights - Artesian Resources Corporation is a leading provider of water and wastewater services on the Delmarva Peninsula, with its 2024 Annual Report now available electronically for shareholders [1][2] Company Overview - Artesian Resources Corporation operates as a holding company with wholly owned subsidiaries that offer water and wastewater services, along with other related core services on the Delmarva Peninsula [2] - Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility in the region, providing water service since 1905 [2] - The company supplies 9.5 billion gallons of water annually through 1,491 miles of water main, serving over a third of Delaware residents [2]

Revenue and Customer Growth - Total operating revenues for the year ended December 31, 2024, were $108.0 million, an increase of $9.1 million, or 9.2%, compared to 2023[161]. - Water sales revenue increased by $8.0 million, or 10.1%, primarily due to a temporary rate increase of 14.6% implemented on November 28, 2023, and a final approved rate increase of approximately 15.2% effective June 12, 2024[162]. - The number of metered water customers in Delaware increased by approximately 1.6% and in Maryland by approximately 2.3% compared to December 31, 2023[147]. - The number of Delaware wastewater customers increased by approximately 6.5% compared to December 31, 2023[148]. - Residential water service revenues amounted to $53.9 million, an increase of $4.4 million, or 8.8%, primarily due to a rate increase and increased consumption[166]. - Commercial water service revenues reached $19.4 million, an increase of $1.8 million, or 10.1%, driven by a rate increase[167]. - Government and other water service revenues increased to $14.7 million, up $1.9 million, or 14.8%, primarily due to a rate increase and increased consumption[168]. - Other utility operating revenue increased by 7.7% to $13.1 million in 2024 from $12.2 million in 2023, primarily due to an increase in the number of customers served[169]. Operating Expenses and Financial Performance - Operating expenses, excluding depreciation and income taxes, increased by $4.1 million, or 7.3%, for the year ended December 31, 2024 compared to 2023[171]. - Net income applicable to common stock increased by $3.7 million, or 22.1%, with total revenue rising by $9.1 million[179]. - Cash flow from operating activities was $36.8 million for the year ended December 31, 2024, compared to $31.9 million in 2023, reflecting improved financial performance[183]. Capital Expenditures and Future Investments - Capital expenditures in 2024 were $45.9 million, a decrease from $62.2 million in 2023, focusing on infrastructure upgrades and new facilities[184]. - Projected capital expenditures for 2025 are expected to be approximately $46.4 million, with significant investments in PFAS treatment equipment and infrastructure rehabilitation[182]. Financing and Cash Flow - Cash flows provided by financing activities decreased to $7.1 million in 2024 from $31.4 million in 2023, primarily due to reduced contributions in aid of construction[187]. - The company has a $40 million line of credit with Citizens Bank, fully available as of December 31, 2024, with an interest rate linked to SOFR[188]. - Total contractual cash obligations amount to $294.6 million, with significant payments due in the next five years[190]. - Artesian Water Company entered into a Financing Agreement for up to $901,170 to replace a water transmission main in New Castle County, Delaware[194]. Risk Management and Contracts - The fixed rate for the electric supply contract with MidAmerican was lowered by 5.6% starting in May 2021, while a new contract with WGL Energy will see a 44.4% increase starting December 2024[195]. - The company has a minimum water purchase obligation of 0.5 million gallons per day under an interconnection agreement with Chester Water Authority, effective until December 31, 2026[196]. - Total expenditure for the elevated water storage tank painting agreement was amended to $2.2 million over four years[197]. - The company manages interest rate risk through fixed rate long-term debt with rates ranging from 4.24% to 5.96%, maturing between 2028 and 2049[200]. - Artesian Water has $60 million in variable rate lines of credit, with no outstanding balances as of December 31, 2024[200]. - The company mitigates risks from commodity price increases by recovering costs through rate increases to customers[200].

Earnings Announcement - Artesian Resources Corporation announced its earnings for Q4 and the year ended December 31, 2024, on March 25, 2025[5]. - The press release detailing the earnings is attached as Exhibit 99.1, which is incorporated by reference[5]. - The financial statements and exhibits related to the earnings announcement are included in the filing[7]. Company Information - The company is listed on NASDAQ under the trading symbol ARTNA[4]. - David B. Spacht serves as the Chief Financial Officer of Artesian Resources Corporation[11]. Legal and Compliance - The report is not deemed "filed" under the Securities Exchange Act of 1934, thus limiting liability under that section[6].

Core Insights - Artesian Resources Corporation reported improved earnings for 2024, with a net income of $20.4 million, reflecting a 22.1% increase from 2023 [2][3] - The company invested $45.9 million in infrastructure during 2024 to enhance water and wastewater systems [2][17] Year-End Results - Net income for the year ended December 31, 2024, was $20.4 million, a $3.7 million increase compared to 2023 [2] - Diluted net income per share rose to $1.98 from $1.67 in 2023 [2] - Total revenues reached $108.0 million, marking a $9.1 million increase or 9.2% from the previous year [3] - Water sales revenue increased by $8.0 million, or 10.1%, due to a rate increase and higher consumption [3] Operating Performance - Other utility operating revenue grew by approximately $0.9 million, or 7.7%, driven by increased wastewater revenue [4] - Operating expenses, excluding depreciation and income taxes, rose by $4.1 million, or 7.3% [5] - Utility operating expenses increased by $3.6 million, or 7.8%, mainly due to higher supply, treatment, and payroll costs [5] Fourth Quarter Results - For Q4 2024, net income was $3.9 million, a 10.5% increase from Q4 2023 [11] - Revenues for the quarter totaled $26.8 million, up $2.3 million or 9.4% from the same period in 2023 [12] - Water sales revenue in Q4 increased by $1.9 million, or 9.7%, attributed to a rate increase and more customers [12] Capital Expenditures - The company invested $45.9 million in various infrastructure projects, including upgrades to treatment plants and new equipment [17] - Investments aimed to ensure reliable service and compliance with government mandates [17] Company Overview - Artesian Resources Corporation is a leading provider of water and wastewater services on the Delmarva Peninsula, with a history dating back to 1905 [18] - The company supplies approximately 9.4 billion gallons of water annually to over a third of Delaware's population [18]