ARTNA Nasdaq· Artesian Resources Corporation
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ARTNA Nasdaq· Artesian Resources Corporation
Earnings report Q3 2023

ARTNA Reports Stable Revenue in Latest Quarter

Segments of revenue

In the latest quarter, ARTNA reported total operating revenues of $26.57 million, which remained relatively stable compared to the same period last year. The company's revenue is derived from three main segments: water sales, other utility operating revenue, and non-utility operating revenue. Water sales accounted for the largest portion of revenue at $21.64 million, followed by other utility operating revenue at $3.24 million, and non-utility operating revenue at $1.69 million.


ARTNA's stable revenue performance in the latest quarter can be attributed to consistent water sales, which remained at a similar level compared to the previous year. The company's management highlighted that they have been able to maintain a steady customer base and effectively manage their operations. Additionally, ARTNA generates design and installation revenue for wastewater infrastructure services, which provides a supplementary source of revenue.


Despite the stable revenue, ARTNA did face some challenges in the latest quarter. The company experienced an increase in utility operating expenses, primarily driven by higher depreciation and amortization costs. This could be attributed to ongoing investments in infrastructure and equipment. Additionally, state and federal income taxes also increased, which impacted the company's overall profitability.


It is worth mentioning that ARTNA records unbilled operating revenue (contract asset) for estimated usage and volume that will be billed in the next billing cycle. This accounting practice allows the company to recognize revenue over time and provides a more accurate representation of their financial performance.


ARTNA reported stable revenue in the latest quarter, with water sales being the primary driver of their revenue. The company's ability to maintain a consistent customer base and effectively manage their operations contributed to their overall revenue performance. However, increased utility operating expenses and higher taxes posed challenges to their profitability. ARTNA's accounting practice of recording unbilled operating revenue provides a more accurate representation of their financial performance.

Source documents

Form 10-Q  filed on Nov 07, 2023
118 pages scanned

Reference data

Company financials Q3 revenue 24.5M
Analyst estimates Q3 EPS missed by NaN%
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