York Water Co. 2016, 4th-quarter earnings mixed
The York Water Co. posted higher revenues and lower net incomes in 2016 and during the fourth quarter compared to the same period the previous year.
Annual operating revenue increased by $495,000, and net income decreased $643,000 in 2016 compared to earnings the year prior, according to a news release.
The company cited increased operating revenues from a growing customer base, gained mostly from acquisitions, according to the news release. In turn, the company said its net income decline is because of a loss in volume of assets eligible for tax credits as well as higher depreciation and retirement expenses.
Basic and diluted earnings per share were 5 cents lower than in 2015, and dividends per share increased by 2.27 cents compared to 2015.
The York Water Co’s fourth-quarter earnings also had mixed results. Operating revenue increased $268,000 and net income declined by $574,000 compared to fourth-quarter results in 2015. The company attributed its results to the same factors cited in the annual report.
President Jeffrey R. Hines announced in the release that York Water Co. plans to invest $22.8 million in 2017 and $15.6 million in 2018 for upgrades. Some of the improvements include a new untreated water pumping station, upgrading of pipes and the start of a new dam project, according to the release.