The following is a summary of the RGC Resources, Inc. (RGCO) Q2 2024 Earnings Call Transcript:
Financial Performance:
RGC Resources' Q2 operating income decreased by about 10% to $8.6 million due to increased personnel and IT-related costs.
The company's earnings in unconsolidated affiliates equaled $1.2 million pretax.
Net income for Q2 was slightly up from last year at $6.4 million, primarily driven by the MVP investment.
Despite the increase in net income, EPS decreased marginally to $0.63 per share.
First-half net income for fiscal 2024 was markedly higher than the previous year, at $11.5 million or $1.13 per diluted share.
Business Progress:
RGC has filed a general rate case seeking a 5% increase in total revenues or about $4.3 million, which is authorized to take effect from July 1.
Customer growth has remained steady, with 370 new services connected in H1 of fiscal 2024.
The company reported decreased capital expenditure due to lower spends on the RNG facility, a contrast from last year's overspend.
The expected functionality of the Mountain Valley Pipeline by May 23, 2024, is seen as a significant step in progress.
More details: RGC Resources IR
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