Artesian Resources Corporation (ARTNA) Bundle
An Overview of Artesian Resources Corporation (ARTNA)
General Summary of Artesian Resources Corporation (ARTNA)
Artesian Resources Corporation, founded in 1905, is a publicly traded water utility company headquartered in Newark, Delaware. The company primarily provides regulated water and wastewater services through its subsidiaries, Artesian Water Company, Artesian Water Maryland, and Artesian Water Pennsylvania. As of 2024, Artesian serves approximately 97,000 customers in Delaware, 2,700 in Maryland, and 40 in Pennsylvania.
Artesian's core offerings include:
- Water utility services
- Wastewater management and treatment
- Service line protection plans
- Contract operations for municipalities
In the latest financial reports, Artesian Resources Corporation reported total operating revenues of $81.1 million for the nine months ended September 30, 2024, reflecting growth from its core water and wastewater services.
Company's Financial Performance in the Latest Financial Reports
For the nine months ended September 30, 2024, Artesian Resources Corporation achieved record-breaking net income applicable to common stock of $16.5 million, representing a 25.2% increase from $13.2 million in the same period of 2023. This growth was driven by a significant increase in total operating revenues, which rose by $6.8 million compared to the previous year.
The financial highlights include:
| Metric | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Total Operating Revenues | $81.1 million | $74.3 million |
| Net Income | $16.5 million | $13.2 million |
| Basic Earnings Per Share | $1.61 | $1.33 |
| Cash Dividends Per Share | $0.8807 | $0.8464 |
Artesian's revenue growth is attributed to an increase in water consumption and the expansion of its customer base, particularly in Delaware. The company distributed approximately 7.1 billion gallons of water in its Delaware systems during the nine months ended September 30, 2024.
Introduction to Company as One of the Leaders in the Industry
Artesian Resources Corporation is recognized as a leader in the water utility industry, particularly in the Mid-Atlantic region of the United States. The company's commitment to providing high-quality water and wastewater services has positioned it as a trusted provider for residential, commercial, and municipal customers. Artesian has demonstrated robust financial health, evidenced by its strong revenue growth and profitability metrics.
In addition to its core utility services, Artesian is actively pursuing growth opportunities through strategic investments in infrastructure and service expansions. The company's proactive approach to sustainability and infrastructure improvement ensures that it remains competitive and capable of meeting future demand.
For further insights into Artesian Resources Corporation's operations and strategic initiatives, readers are encouraged to explore the detailed sections below.
Mission Statement of Artesian Resources Corporation (ARTNA)
Mission Statement Overview
Artesian Resources Corporation (ARTNA) emphasizes its commitment to providing high-quality water and wastewater services, focusing on customer satisfaction and community support. The mission statement articulates the company's dedication to sustainability, operational excellence, and responsible resource management, guiding its long-term goals and strategic initiatives.
Core Component 1: Commitment to Quality Service
The first core component of Artesian's mission statement is its unwavering commitment to delivering high-quality products and services. This commitment is reflected in the company's operational metrics. For the nine months ended September 30, 2024, Artesian reported a total operating revenue of $81.1 million, an increase from $74.3 million in the same period in 2023. Moreover, the company served approximately 97,000 customers in Delaware, 2,700 in Maryland, and 40 in Pennsylvania. Artesian's focus on quality is further demonstrated by its capital expenditures of $30.9 million in 2024, aimed at enhancing infrastructure and service reliability.
Core Component 2: Customer-Centric Approach
The second component emphasizes a customer-centric approach, prioritizing customer satisfaction and engagement. Artesian's net income applicable to common stock increased by 25.2% to $16.5 million for the nine months ended September 30, 2024. This growth is indicative of effective customer service strategies and operational efficiencies. Additionally, cash dividends per share increased to $0.8807 in 2024, reflecting the company’s commitment to delivering value to its shareholders. Artesian also engages with its communities through various initiatives, ensuring that customer needs are met promptly and effectively.
Core Component 3: Sustainability and Environmental Stewardship
The final core component of Artesian’s mission statement is its focus on sustainability and environmental stewardship. In 2024, the company invested significantly in infrastructure improvements, including the construction of a new wastewater treatment plant and upgrades to existing facilities. Artesian’s capital expenditures reflect a commitment to sustainable practices, with a focus on reducing environmental impact while enhancing service delivery. The company is also involved in addressing PFAS contamination issues through legal settlements, demonstrating its proactive stance on environmental responsibility.
| Metric | 2024 | 2023 |
|---|---|---|
| Total Operating Revenue (in millions) | $81.1 | $74.3 |
| Net Income (in millions) | $16.5 | $13.2 |
| Cash Dividends per Share | $0.8807 | $0.8464 |
| Capital Expenditures (in millions) | $30.9 | $48.8 |
| Customers Served | 99,740 | 99,740 |
Vision Statement of Artesian Resources Corporation (ARTNA)
Vision Statement Overview
The vision statement of Artesian Resources Corporation (ARTNA) reflects its commitment to providing high-quality water and wastewater services. In 2024, the company emphasizes sustainability, customer service, and community engagement as central themes of its vision.
Commitment to Sustainability
Artesian Resources envisions a future where sustainable practices are integrated into all operations. This includes investing in infrastructure improvements and adopting technologies that enhance water conservation. In the first nine months of 2024, capital expenditures amounted to $30.9 million, focused on modernizing facilities and ensuring compliance with environmental standards.
Enhancing Customer Experience
Central to Artesian's vision is a strong focus on customer service. The company aims to provide reliable and efficient service to its growing customer base. As of September 30, 2024, Artesian Water served approximately 97,000 customers in Delaware, with a net increase in metered water customers of about 1.5% compared to the previous year.
Community Engagement and Development
Artesian Resources is dedicated to community involvement and development. The company actively seeks partnerships with local governments and developers to enhance service delivery. For instance, developers contributed approximately $10.1 million toward capital investments during the first nine months of 2024.
Financial Performance and Growth
Artesian Resources has shown solid financial performance, with net income for the nine months ended September 30, 2024, reported at $16.5 million, compared to $13.2 million in the previous year. This growth underscores the effectiveness of its strategic initiatives in achieving its vision.
Investment in Infrastructure
The company continues to prioritize infrastructure investment as a key component of its vision. In 2024, Artesian allocated funds to projects aimed at upgrading existing systems and expanding capacity. The total capital expenditures during the first nine months of 2024 were $30.9 million, significantly contributing to the improvement of service reliability.
Table of Key Financial Metrics (2024)
| Metric | Value |
|---|---|
| Net Income | $16.5 million |
| Capital Expenditures | $30.9 million |
| Customer Base (Delaware) | 97,000 customers |
| Customer Growth Rate (YoY) | 1.5% |
| Developer Contributions | $10.1 million |
Regulatory Compliance and Future Readiness
Artesian Resources is committed to adhering to regulatory standards while preparing for future challenges. The company filed for a revenue increase of approximately $16.7 million, reflecting its proactive approach to maintaining financial health and service quality.
Conclusion of Vision Statement
In summary, Artesian Resources Corporation’s vision statement for 2024 illustrates its dedication to sustainability, customer service, and community involvement, backed by a solid financial performance and strategic infrastructure investment.
Core Values of Artesian Resources Corporation (ARTNA)
Integrity
Artesian Resources Corporation places a strong emphasis on integrity as a core value, ensuring transparency and accountability in all operations.
In 2024, Artesian reported a net income applicable to common stock of $16.5 million for the nine months ended September 30, 2024, an increase from $13.2 million in the same period in 2023, demonstrating a commitment to ethical financial practices.
Customer Commitment
Customer commitment is central to Artesian's operations, focusing on providing reliable water and wastewater services.
As of September 30, 2024, Artesian Water served approximately 97,000 customers, while Artesian Water Maryland and Artesian Water Pennsylvania served around 2,700 and 40 customers, respectively.
The company’s capital expenditures for the first nine months of 2024 totaled $30.9 million, aimed at enhancing infrastructure to better serve its customer base.
Environmental Stewardship
Artesian is committed to environmental stewardship, actively investing in sustainable practices and infrastructure.
In 2024, the company has undertaken significant projects, including the construction of a new wastewater treatment plant and upgrading existing pumping stations, reflecting its dedication to environmental sustainability.
Furthermore, Artesian has been involved in multi-district litigation settlements addressing PFAS contamination, indicating its proactive approach to environmental challenges.
Community Engagement
Community engagement is a vital aspect of Artesian's core values, fostering relationships with the communities it serves.
In 2024, the company received approximately $10.1 million in contributions from developers for capital projects, highlighting its collaborative efforts in community development.
Additionally, Artesian's ongoing efforts to refund approximately $10 million to customers for past capital and operating costs associated with contamination treatment further exemplify its commitment to community welfare.
Employee Development
Artesian prioritizes employee development, recognizing that a skilled workforce is essential for delivering quality services.
In 2024, compensation expenses related to restricted stock awards amounted to approximately $172,000 for the nine months ended September 30.
The company’s commitment to employee training and development is reflected in its structured compensation plans and performance incentives.
| Core Value | 2024 Initiatives | Financial Impact |
|---|---|---|
| Integrity | Transparent financial reporting | Net income increase to $16.5 million |
| Customer Commitment | Capital expenditures of $30.9 million | Served 97,000 customers |
| Environmental Stewardship | Construction of new wastewater plants | Investment in PFAS litigation settlements |
| Community Engagement | Developer contributions of $10.1 million | Refunds of approximately $10 million to customers |
| Employee Development | Compensation expenses of $172,000 | Investment in employee training programs |
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Resources:
- Artesian Resources Corporation (ARTNA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Artesian Resources Corporation (ARTNA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Artesian Resources Corporation (ARTNA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.