Artesian Resources Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag
Artesian Resources (NASDAQ:ARTN.A) Full Year 2023 Results
Key Financial Results
Revenue: US$98.9m (flat on FY 2022).
Net income: US$16.7m (down 7.2% from FY 2022).
Profit margin: 17% (down from 18% in FY 2022).
EPS: US$1.67 (down from US$1.90 in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Artesian Resources EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 2.5%.
The primary driver behind last 12 months revenue was the Regulated Utility segment contributing a total revenue of US$92.2m (93% of total revenue). Notably, cost of sales worth US$50.6m amounted to 51% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to US$13.3m (42% of total expenses). Explore how ARTN.A's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Water Utilities industry in the US.
Performance of the American Water Utilities industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
Before we wrap up, we've discovered 3 warning signs for Artesian Resources (1 is a bit unpleasant!) that you should be aware of.
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