RGC Resources, Inc. Reports 2024 Earnings

Financial Performance - RGC Resources, Inc. reported consolidated earnings of $11,760,896, or $1.16 per share, for the fiscal year ended September 30, 2024, an increase from $11,299,282, or $1.14 per share, for the fiscal year ended September 30, 2023 [1] - For the quarter ended September 30, 2024, net income was $140,822, or $0.01 per share, compared to $1,014,175, or $0.10 per share, for the same quarter in 2023 [2] - Operating revenues for the fourth quarter of 2024 were $13,104,302, up from $12,467,528 in 2023, while total operating revenues for the fiscal year were $84,641,232, down from $97,439,765 in 2023 [5] Investment and Infrastructure - The company continued to invest in utility infrastructure to enhance system reliability and support customer and earnings growth [2] - The Mountain Valley Pipeline (MVP) began operations in June 2024, contributing to higher earnings due to increased Allowance for Funds Used During Construction (AFUDC) prior to its service [1][2] Cost and Revenue Dynamics - Lower natural gas prices in 2024 reduced customer bills and company revenues, despite inflationary costs leading to higher tariffs [1] - Interest expenses increased primarily due to higher interest rates, impacting overall net income [2][5] Balance Sheet Overview - As of September 30, 2024, total assets were $320,891,159, an increase from $303,729,340 in 2023 [7] - Current liabilities decreased to $28,698,430 from $32,918,787 in 2023, while long-term debt increased to $136,672,908 from $125,844,728 [7]