RGC Resources Q3 net income falls 77% to $0.02 EPS; MVP begins service

RGC RESOURCES INC

2023-Q3 EPS reported $1.15 revenue$71,536,930

Q3 net income $156,692 ($0.02 EPS) vs $686,816 ($0.07 EPS) YoY, down 77%.
Decline due to higher personnel/professional costs, inflationary pressures, and lower noncash earnings from MVP transition.
MVP pipeline placed into service June 2024; first new customer in Franklin County expected in fiscal Q4.
Interim rate increase effective July 1, 2024, subject to refund, to offset rising costs.
Nine-month net income up 13% to $11.6M ($1.15 EPS) from $10.3M ($1.04 EPS) primarily from MVP earnings.

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