{"id":847786,"date":"2025-05-06T17:33:11","date_gmt":"2025-05-06T21:33:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rgc-resources-inc-reports-second-quarter-earnings-4\/"},"modified":"2025-05-06T17:33:11","modified_gmt":"2025-05-06T21:33:11","slug":"rgc-resources-inc-reports-second-quarter-earnings-4","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rgc-resources-inc-reports-second-quarter-earnings-4\/","title":{"rendered":"RGC Resources, Inc. Reports Second Quarter Earnings"},"content":{"rendered":"
\n

ROANOKE, Va., May 06, 2025 (GLOBE NEWSWIRE) — RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $7,676,208, or $0.74 per share, for the second quarter ended March 31, 2025, compared to $6,443,390, or $0.63 per share, for the second quarter ended March 31, 2024. The primary drivers of the increased earnings were higher base rates that went into effect July 1, 2024 and increased volumes, offset by lower earnings from unconsolidated affiliate and higher interest expense.<\/p>\n

Cooler winter weather and higher base rates drove higher margins and earnings. CEO Paul Nester stated, \u201cWe had a strong second quarter as utility margin increased 12%, enhanced by a colder January and by a large industrial customer who continued strong utilization compared to the same period a year ago. The Company\u2019s earnings from its investment in the MVP, with the pipeline in operation, were $801,175 in the second quarter ended March 31, 2025, down from $1,229,384 in the second quarter ended March 31, 2024. The larger 2024 amount corresponded to the Company\u2019s share of Allowance for Funds Used During Construction (AFUDC) during the construction phase.\u201d<\/p>\n

Through the first six months of fiscal 2025, the Company\u2019s net income of $12,945,897, or $1.26 per share, was up 12.9% from $11,463,382, or $1.14 per share, with similar reasons as the quarter \u2013 higher utility margin offset by lower earnings from the Company\u2019s investment in MVP and higher interest expense. In early April, the State Corporation Commission issued a final order and made permanent the negotiated rates from the Company\u2019s 2024 rate case filing.<\/p>\n

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.<\/p>\n

Utility margin is a non-GAAP measure defined as utility revenues less cost of gas. Management considers this non-GAAP measure to provide useful information to both management and investors for purpose of such comparability and in evaluating operating performance, but it should be considered in addition to results prepared in accordance with GAAP and should not be considered a substitute for, or superior to, GAAP results.<\/p>\n

The statements in this release that are not historical facts constitute \u201cforward-looking statements\u201d made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company\u2019s actual results and experience to differ materially from any expectations expressed in the Company\u2019s forward-looking statements, regarding inflation, interest rates, customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, domestic and geopolitical considerations, along with risks included under Item 1-A in the Company\u2019s fiscal 2024 Form 10-K. Forward-looking statements reflect the Company\u2019s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.<\/p>\n

Past performance is not necessarily a predictor of future results.<\/p>\n

Summary financial statements for the second quarter and fiscal year to date are as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
RGC Resources, Inc. and Subsidiaries<\/td>\n<\/tr>\n
Condensed Consolidated Statements of Income<\/td>\n<\/tr>\n
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\nSix Months Ended<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nMarch 31,<\/td>\n\u00a0<\/td>\nMarch 31,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2024<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2024<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n36,462,097<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n32,659,376<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n63,751,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n57,078,728<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,062,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,029,667<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46,023,620<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,796,982<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,399,942<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,629,709<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,727,963<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,281,746<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity in earnings of unconsolidated affiliate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n801,175<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,229,384<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,655,388<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,697,219<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n463,633<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,487<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n936,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n210,273<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,630,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,566,613<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,410,205<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,202,886<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,034,475<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,381,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,910,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,986,352<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,358,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,938,577<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,964,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,522,970<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n7,676,208<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,443,390<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,945,897<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11,463,382<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net earnings per share of common stock:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n0.74<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.63<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.74<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.63<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.13<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividends per common share<\/td>\n$<\/td>\n0.2075<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.2000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.4150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.4000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,304,222<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,170,595<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,281,725<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,099,533<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,308,368<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,174,006<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,285,939<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,102,284<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Condensed Consolidated Balance Sheets<\/td>\n<\/tr>\n
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nMarch 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2024<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n25,777,943<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,525,645<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Utility property, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n267,560,507<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n254,140,117<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other non-current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,082,837<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,693,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n326,421,287<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n313,359,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n45,489,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,702,382<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n115,226,622<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n135,916,887<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred credits and other non-current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,872,423<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,196,399<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n208,588,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n202,815,668<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ Equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n117,833,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110,543,862<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities and Stockholders’ Equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n326,421,287<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n313,359,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
Contact:<\/td>\nTimothy J. Mulvaney<\/td>\n<\/tr>\n
\u00a0<\/td>\nVice President, Treasurer and CFO<\/td>\n<\/tr>\n
Telephone:<\/td>\n(540) 777-3997<\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

ROANOKE, Va., May 06, 2025 (GLOBE NEWSWIRE) — RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $7,676,208, or $0.74 per share, for the second quarter ended March 31, 2025, compared to $6,443,390, or $0.63 per share, for the second quarter ended March 31, 2024. The primary drivers of the increased earnings were higher base rates that went into effect July 1, 2024 and increased volumes, offset by lower earnings from unconsolidated affiliate and higher interest expense. Cooler winter weather and higher base rates drove higher margins and earnings. CEO Paul Nester stated, \u201cWe had a strong second quarter as utility margin increased 12%, enhanced by a colder January and by a large industrial customer who continued strong utilization … <\/p>\n

Continue reading “RGC Resources, Inc. Reports Second Quarter Earnings”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-847786","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRGC Resources, Inc. Reports Second Quarter Earnings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rgc-resources-inc-reports-second-quarter-earnings-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RGC Resources, Inc. 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