York Water Co. reports higher revenues for second quarter, half year
York Water Co. reported increased revenues for the second quarter and for the first half of the year, according to a report the company released Thursday.
Operating revenue was up almost $1.1 million to $14.8 million compared to the same quarter in 2021, company President J.T. Hand said in a statement.
Hand stated that the acquisition of the West Manheim Township wastewater system and payments to the new Distribution System Improvement Charge (DSIC) helped increase revenue in the quarter. The Public Utility Commission allows water utility companies to collect DSIC in order to replace aging infrastructure.
Those profits were offset some because of higher operation and maintenance costs along with depreciation, Hand stated.
Half-year operating revenues were up $2.25 million over the same period in 2021 to $29.1 million. Net income was up $699,000 from 2021 to just over $8.8 million, Hand stated.
During the first half of 2022, York Water Co. invested $19 million in infrastructure, including improvements to the Lake Williams Dam spillway. The company expects to spend another $26 million on infrastructure in the second half of 2022.
— Reach Anthony Maenza at email@example.com or @atmaenza on Twitter.