RGC Resources Inc
NASDAQ:RGCO
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RGC Resources Inc
NASDAQ:RGCO
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RGC Resources Inc
RGC Resources, Inc. operates as a holding company. The company is headquartered in Roanoke, Virginia and currently employs 99 full-time employees. The company is primarily engaged in the sale and distribution of natural gas to residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its subsidiary, Roanoke Gas Company (Roanoke Gas). Roanoke Gas also provides certain unregulated services. Roanoke Gas maintains an integrated natural gas distribution system to deliver natural gas purchased from suppliers to residential, commercial, and industrial users in its service territory. Roanoke Gas owns and operates about six metering stations through, which it measures and regulates the gas being delivered by its suppliers. These stations are located at various points throughout its distribution system. Roanoke Gas owns a liquefied natural gas storage facility located in its service territory that has the capacity to store up to 200,000 dekatherms (DTH) of natural gas. The company has approximately 1,157 miles of transmission and distribution pipeline.
RGC Resources, Inc. operates as a holding company. The company is headquartered in Roanoke, Virginia and currently employs 99 full-time employees. The company is primarily engaged in the sale and distribution of natural gas to residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its subsidiary, Roanoke Gas Company (Roanoke Gas). Roanoke Gas also provides certain unregulated services. Roanoke Gas maintains an integrated natural gas distribution system to deliver natural gas purchased from suppliers to residential, commercial, and industrial users in its service territory. Roanoke Gas owns and operates about six metering stations through, which it measures and regulates the gas being delivered by its suppliers. These stations are located at various points throughout its distribution system. Roanoke Gas owns a liquefied natural gas storage facility located in its service territory that has the capacity to store up to 200,000 dekatherms (DTH) of natural gas. The company has approximately 1,157 miles of transmission and distribution pipeline.
Earnings Decline: Net income for the quarter was $4.8 million, down from $5.3 million a year ago, with EPS decreasing to $0.47 from $0.51.
Flat Volume and Spending: Delivered gas volumes and capital expenditures remained flat compared to last year, with capex totaling $5.6 million.
Rate Case Update: An expedited rate case was filed seeking $4.3 million in additional annual revenue; interim rates are effective but subject to refund pending review.
Weather Impact: Severe winter weather (Winter Storm Fern) caused a spike in gas prices and delayed construction, with about 17% of Q2 working days lost.
Guidance Maintained: Full-year capex guidance remains at $22 million and EPS forecast is unchanged at $1.27 to $1.35.
Customer Credits: Tax credits are being returned to customers via bill credits over four months.
