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RGC RESOURCES, INC.

(RGCO)
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RGC Resources : Reports Second Quarter Earnings

05/22/2020 | 06:57am EDT

ROANOKE, Va. (May 4, 2020)-RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $5,680,316 or $0.70 per diluted share for the quarter ended March 31, 2020. This compares to consolidated earnings of $4,670,090 or $0.58 per diluted share for the quarter ended March 31, 2019. CEO Paul Nester stated, 'Prior to the COVID-19 pandemic, we experienced strong earnings growth driven primarily by improved utility margins and the investment in the Mountain Valley Pipeline (MVP)'.

Earnings for the twelve months ending March 31, 2020 were $11,281,412 or $1.39 per diluted share outstanding compared to $8,876,066 or $1.10 per diluted share for the twelve months ended March 31, 2019. Nester attributed the significant increase in trailing twelve-month net income to improved utility margins associated with infrastructure replacement programs, implementation of the new non-gas rates, and the investment in the MVP.

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.

Net income for the three months ended March 31, 2020 is not indicative of the results to be expected for the fiscal year ending September 30, 2020 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. Additionally, the COVID-19 pandemic creates significant economic uncertainty for the remainder of fiscal 2020. Net income for the remainder of fiscal 2020 is expected to be lower than the corresponding period in 2019.

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.

Past performance is not necessarily a predictor of future results.

Summary financial statements for the second quarter and twelve months are as follows: Second Quarter Financial Statements ending 03/31/2020

Disclaimer

RGC Resources Inc. published this content on 04 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2020 10:56:10 UTC


© Publicnow 2020
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Financials (USD)
Sales 2021 64,0 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 185 M 185 M -
Capi. / Sales 2021 2,89x
Capi. / Sales 2022 2,72x
Nbr of Employees 101
Free-Float 87,8%
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Mean consensus BUY
Number of Analysts 1
Average target price 34,00 $
Last Close Price 22,53 $
Spread / Highest target 50,9%
Spread / Average Target 50,9%
Spread / Lowest Target 50,9%
Managers and Directors
NameTitle
Paul W. Nester President, Chief Executive Officer & Director
Lawrence T. Oliver Chief Financial Officer, Secretary, Treasurer & VP
John B. Williamson Chairman
Robert L. Wells Chief Information Officer & Vice President
Carl James Shockley Chief Operating Officer & Vice President
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