Artesian Resources Corporation reported a solid financial performance for the second quarter of 2025, with total operating revenues reaching $28.5 million, a 4.1% increase from $27.4 million in the same period last year. For the first half of 2025, revenues totaled $54.4 million, up 4.8% from $51.9 million in the prior year. The growth in revenue was primarily driven by a 2.6% increase in water sales, attributed to a temporary rate increase and customer growth, alongside a notable rise in other utility operating revenue, which increased by 10.7% due to higher wastewater revenue.
The company's net income applicable to common stock for the second quarter was $6.3 million, reflecting an 18.1% increase compared to $5.3 million in the same quarter of 2024. For the first half of 2025, net income rose to $11.7 million, a 20.4% increase from $9.7 million in the previous year. This growth in profitability was supported by a combination of increased revenues and controlled operating expenses, which rose only 1.8% in the second quarter.
Operationally, Artesian Resources served approximately 98,200 water customers in Delaware, a 1.7% increase from the previous year, while its wastewater services saw a 6.2% increase in customer count, totaling around 8,800 customers. The company also reported a significant rise in its Service Line Protection Plan revenue, which increased by 12.3% in the second quarter, reflecting the effectiveness of its non-utility services. The total number of customers across all service lines indicates a positive trend in customer acquisition and retention.
In terms of strategic developments, Artesian Resources has been actively pursuing growth opportunities, including a recent temporary rate increase approved by the Delaware Public Service Commission, which took effect on June 3, 2025. The company is also focused on expanding its service areas and enhancing its infrastructure, with capital expenditures for the first half of 2025 amounting to $26.3 million, up from $18.4 million in the same period last year. This investment is aimed at improving service reliability and capacity to meet growing demand.
Looking ahead, Artesian Resources remains optimistic about its growth trajectory, with plans to continue expanding its water and wastewater services across the Delmarva Peninsula. The company is also preparing for potential regulatory changes and market conditions that may impact its operations. Management anticipates that ongoing investments in infrastructure and strategic partnerships will further enhance its service capabilities and customer base in the coming years.
About ARTESIAN RESOURCES CORP
Artesian Resources Corporation is a Delaware-based utility holding company focused on providing water and wastewater services across Delaware, Maryland, and Pennsylvania. Its primary subsidiary, Artesian Water Company, is the largest investor-owned water utility on the Delmarva Peninsula. With significant market opportunities in underserved areas, Artesian is expanding its service territories and enhancing infrastructure to meet regulatory standards, including new PFAS and lead regulations, while also offering service line protection plans.
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