Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

RGC RESOURCES, INC.

(RGCO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

RGC Resources, Inc. Reports First Quarter Earnings

02/09/2021 | 05:00pm EDT

ROANOKE, Va., Feb. 09, 2021 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $4,723,263 or $0.58 per diluted share for the quarter ended December 31, 2020. This compares to consolidated earnings of $4,006,936 or $0.49 per diluted share for the quarter ended December 31, 2019. CEO Paul Nester stated, “We experienced solid earnings growth from improved utility margins associated with infrastructure replacement programs and customer growth as well as lower operating expenses.”

Earnings for the twelve months ending December 31, 2020 were $11,280,861 or $1.38 per diluted share compared to $10,271,186 or $1.27 per diluted share for the twelve months ended December 31, 2019. Nester attributed the increase in trailing twelve-month net income to improved utility margins associated with infrastructure replacement programs, customer growth, and non-cash equity earnings.

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.

From time to time, the Company may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements.

Net income for the three months ended December 31, 2020 is not indicative of the results to be expected for the fiscal year ending September 30, 2021 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. Past performance is not necessarily a predictor of future results.

Summary financial statements for the first quarter and twelve months are as follows:



RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020  2019  2020  2019
        
Operating revenues$19,517,017 $19,785,453 $62,806,955 $66,595,231
Operating expenses 13,935,630  14,703,474  49,789,365  53,182,010
Operating income 5,581,387  5,081,979  13,017,590  13,413,221
Equity in earnings of unconsolidated affiliate 1,356,683  1,094,086  5,077,471  3,551,385
Other income, net 330,026  157,643  808,679  383,639
Interest expense 1,019,829  1,085,185  4,033,802  3,886,954
Income before income taxes 6,248,267  5,248,523  14,869,938  13,461,291
Income tax expense 1,525,004  1,241,587  3,589,077  3,190,105
        
Net income$4,723,263 $4,006,936 $11,280,861 $10,271,186
        
Net earnings per share of common stock:      
  Basic$0.58 $0.50 $1.38 $1.27
  Diluted$0.58 $0.49 $1.38 $1.27
        
Cash dividends per common share$0.185 $0.175 $0.710 $0.670
        
Weighted average number of common shares outstanding:      
   Basic 8,167,793  8,081,837  8,147,544  8,059,170
   Diluted 8,182,183  8,113,785  8,164,072  8,094,616
        

 




                          Condensed Consolidated Balance Sheets
                          (Unaudited)
    
 December 31,
Assets 2020  2019
Current assets$20,903,352 $21,239,364
Utility plant, net 201,784,393  185,391,008
Other assets 71,666,584  61,552,241
    
  Total Assets$294,354,329 $268,182,613
    
Liabilities and Stockholders' Equity  
Current liabilities$22,526,868 $17,503,920
Long-term debt, net 126,141,704  113,772,779
Deferred credits and other liabilities 53,136,216  50,546,779
   Total Liabilities 201,804,788  181,823,478
Stockholders' Equity 92,549,541  86,359,135
    
  Total Liabilities and Stockholders' Equity$294,354,329 $268,182,613
    

 

Contact: Randall P. Burton, II
  Vice President and CFO
Telephone: 540-777-3997

 



© GlobeNewswire 2021
All news about RGC RESOURCES, INC.
04/09RGC RESOURCES INC  : Change in Directors or Principal Officers (form 8-K)
AQ
03/31RGC RESOURCES INC  : Entry into a Material Definitive Agreement, Creation of a D..
AQ
02/23RGC RESOURCES INC  : Entry into a Material Definitive Agreement, Creation of a D..
AQ
02/12RGC RESOURCES  : sees Mountain Valley gas pipeline completion by end 2021 -CEO
RE
02/12RGC RESOURCES INC  : Regulation FD Disclosure, Financial Statements and Exhibits..
AQ
02/11RGC RESOURCES  : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND..
AQ
02/10RGC RESOURCES INC  : Results of Operations and Financial Condition, Other Events..
AQ
02/09RGC RESOURCES  : Earnings Flash (RGCO) RGC RESOURCES Posts Q1 Revenue $19.5M
MT
02/09RGC Resources, Inc. Reports First Quarter Earnings
GL
02/03RGC Resources, Inc. Schedules First Quarter 2021 Earnings Call
GL
More news
Financials (USD)
Sales 2021 64,0 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 186 M 186 M -
Capi. / Sales 2021 2,91x
Capi. / Sales 2022 2,74x
Nbr of Employees 101
Free-Float 87,8%
Chart RGC RESOURCES, INC.
Duration : Period :
RGC Resources, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RGC RESOURCES, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 34,00 $
Last Close Price 22,66 $
Spread / Highest target 50,0%
Spread / Average Target 50,0%
Spread / Lowest Target 50,0%
Managers and Directors
NameTitle
Paul W. Nester President, Chief Executive Officer & Director
Randall P. Burton CFO, Secretary, Treasurer & Vice President
John B. Williamson Chairman
Robert L. Wells Chief Information Officer & Vice President
Carl James Shockley Chief Operating Officer & Vice President
Sector and Competitors