York Water Company's 2024 revenues increased, but net income and earnings per share decreased; significant investments planned for future infrastructure improvements.
Quiver AI Summary
The York Water Company announced its financial results for 2024, reporting operating revenues of $74.96 million, up by $3.93 million from the previous year. However, net income fell to $20.33 million, a decrease of $3.43 million, with earnings per share dropping to $1.42. Revenue growth was attributed to a rate increase and facilities improvement charges, though this was offset by higher operating costs and lower allowances for construction funding. The company invested $48.2 million in infrastructure projects, including dam repairs and pipe replacements, while planning further investments of $46 million in 2025 and $48.5 million in 2026. For the fourth quarter of 2024, revenues increased by $770,000, but net income decreased by $870,000 compared to the same quarter in 2023. Despite the challenges, dividends per share rose by 4%.
Potential Positives
- Operating revenues increased by approximately $3.93 million in 2024, demonstrating positive revenue growth for the company.
- Dividends per share rose by 4% compared to 2023, indicating a commitment to returning value to shareholders.
- The company invested $48.2 million in construction expenditures, highlighting ongoing investment in infrastructure to enhance operational capacity and customer service.
- Plans to invest approximately $46.0 million in 2025 and $48.5 million in 2026 further underscore the company's commitment to growth and infrastructure improvements.
Potential Negatives
- Net income decreased by $3,432,000 compared to 2023, indicating a decline in profitability despite increased revenues.
- Basic and Diluted Earnings per share decreased by $0.24, which may raise concerns among investors about the company's financial health.
- Higher operation and maintenance expenses, depreciation, and interest on debt have offset revenue gains, suggesting potential challenges in managing operational costs effectively.
FAQ
What were York Water Company's operating revenues in 2024?
York Water Company's operating revenues for 2024 were $74,959,000, an increase of $3,928,000 compared to 2023.
How much did York Water's net income decrease in 2024?
The net income for York Water decreased by $3,432,000 to $20,325,000 in 2024 compared to 2023.
What investments did York Water make in infrastructure in 2024?
In 2024, York Water invested $48.2 million in construction, including dam improvements and wastewater treatment plant construction.
What was the dividend per share for York Water in 2024?
In 2024, York Water declared dividends per share of $0.8516, a 4% increase from 2023.
What are the future investment plans for York Water?
York Water plans to invest approximately $46 million in 2025 and $48.5 million in 2026 for infrastructure improvements.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$YORW Insider Trading Activity
$YORW insiders have traded $YORW stock on the open market 16 times in the past 6 months. Of those trades, 16 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $YORW stock by insiders over the last 6 months:
- JOSEPH THOMAS HAND (CEO & President) has made 3 purchases buying 606 shares for an estimated $20,168 and 0 sales.
- STEVEN R RASMUSSEN has made 4 purchases buying 109 shares for an estimated $3,999 and 0 sales.
- ALEXANDRA C CHIARUTTINI (CAO & General Counsel) has made 2 purchases buying 78 shares for an estimated $2,600 and 0 sales.
- MATTHEW J SCARPATO (VP- Operations) purchased 23 shares for an estimated $750
- ASHLEY M GRIMM (VP- Human Resources) has made 2 purchases buying 21 shares for an estimated $720 and 0 sales.
- MARK S SNYDER (VP- Engineering) has made 2 purchases buying 19 shares for an estimated $650 and 0 sales.
- MATTHEW E POFF (Chief Financial Officer) has made 2 purchases buying 7 shares for an estimated $260 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$YORW Hedge Fund Activity
We have seen 63 institutional investors add shares of $YORW stock to their portfolio, and 84 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. added 194,019 shares (+12.2%) to their portfolio in Q4 2024, for an estimated $6,348,301
- KBC GROUP NV removed 111,661 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $3,653,547
- PROSHARE ADVISORS LLC added 40,199 shares (+21.6%) to their portfolio in Q4 2024, for an estimated $1,315,311
- RUSSELL INVESTMENTS GROUP, LTD. removed 37,449 shares (-42.1%) from their portfolio in Q4 2024, for an estimated $1,225,331
- ZIMMER PARTNERS, LP added 37,076 shares (+5.2%) to their portfolio in Q4 2024, for an estimated $1,213,126
- STATE STREET CORP added 33,999 shares (+7.2%) to their portfolio in Q4 2024, for an estimated $1,112,447
- ATOM INVESTORS LP removed 26,824 shares (-72.8%) from their portfolio in Q4 2024, for an estimated $877,681
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
YORK, Pa., March 04, 2025 (GLOBE NEWSWIRE) -- The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2024 financial results.
President Hand reported that 2024 operating revenues of $74,959,000 increased $3,928,000, but net income of $20,325,000 decreased $3,432,000 compared to 2023. Basic and Diluted Earnings per share of $1.42 for 2024 decreased $0.24 compared to 2023. Dividends per share rose 4% compared to 2023. Increased revenues were primarily due to an increase in rates effective March 1, 2023, revenues from Distribution System Improvement charge (DSIC), and growth in the customer base. The DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure. The Company incurred lower pension costs. The increased revenue and lower pension costs were more than offset by higher operation and maintenance expenses, depreciation, interest on debt, and a lower allowance for funds used during construction (AFUDC). AFUDC is the cost of debt and equity funds used to finance plant construction.
During the year, the Company invested $48.2 million in construction expenditures for armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, and routine items, as well as various replacements and improvements to infrastructure. During 2024, the Company replaced approximately 50,200 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service. In addition, the Company invested a combined $783,000 in the acquisition of four water and two wastewater systems.
President Hand also reported that for the fourth quarter of 2024 operating revenues increased $770,000, but net income decreased $870,000 compared to the fourth quarter of 2023. Basic and Diluted Earnings per share of $0.36 for the fourth quarter of 2024 decreased $0.06 compared to the same period last year. Increased revenues were primarily due to revenues from DSIC and growth in the customer base. The increased revenue was more than offset by higher operation and maintenance expenses, depreciation, and a lower AFUDC.
President Hand reported that York Water plans to invest approximately $46.0 million in 2025 and $48.5 million in 2026, excluding acquisitions, for additional main extensions, water tank replacement, wastewater treatment plant construction, an upgrade to the enterprise software system, and routine improvements to its pipes, service lines, and other facilities to ensure a safe, adequate, and reliable supply of drinking water and to maintain proper handling and disposal of wastewater for the Company’s growing customer base.
| Period Ended December 31 | ||||||||
| In 000's (except per share) | ||||||||
| Quarter | Twelve Months | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Operating Revenues | $ | 18,866 | $ | 18,096 | $ | 74,959 | $ | 71,031 |
| Net Income | $ | 5,142 | $ | 6,012 | $ | 20,325 | $ | 23,757 |
| Average Number of Common Shares Outstanding | 14,366 | 14,314 | 14,347 | 14,295 | ||||
| Basic and Diluted Earnings Per Common Share | $ | 0.36 | $ | 0.42 | $ | 1.42 | $ | 1.66 |
| Dividends Declared Per Common Share | $ | 0.2192 | $ | 0.2108 | $ | 0.8516 | $ | 0.8189 |
This news release may contain forward-looking statements regarding the Company’s operational and financial expectations. These statements are based on currently available information and are subject to risks, uncertainties, and other events which could cause the Company’s actual results to be materially different from the results described in this statement. The Company undertakes no duty to update any forward-looking statement.
