RGC Resources reports FY2023 net income $11.3M ($1.14/share) vs prior year loss on impairment

RGC RESOURCES INC

2023-FY EPS reported $1.14 revenue$97,439,765

Net income of $11.3M ($1.14 per share) for FY2023, vs net loss of $31.7M ($3.48) in FY2022 due to MVP impairments.
Underlying net income (non-GAAP, ex-impairment) rose to $11.3M from $9.2M ($1.01) in FY2022.
Q4 2023 net income $1.0M ($0.10) vs net loss $11.4M ($1.16) in Q4 2022 on non-cash MVP income from resumed construction.
Utility income growth driven by higher margins and renewable natural gas facility startup; MVP expected completion early 2024.
CEO cites higher utility margins, RNG facility, and resumed MVP construction as key earnings drivers.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RGC RESOURCES INC reported the fiscal year ended September 30, 2023 results: net income $11,299,282, or $1.14 per share.

Period: the fiscal year ended September 30, 2023
Net income: $11,299,282, or $1.14 per share
Result: reported results

Exact text from the filing

RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $11,299,282, or $1.14 per share, for the fiscal year ended September 30, 2023

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RGC RESOURCES INC reported the quarter ended September 30, 2023 results: net income $1,014,175, or $0.10 per share.

Period: the quarter ended September 30, 2023
Net income: $1,014,175, or $0.10 per share
Result: reported results

Exact text from the filing

Net income for the quarter ended September 30, 2023 was $1,014,175, or $0.10 per share

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Source: SEC EDGAR

accession 0001437749-23-032613

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