The following is a summary of the RGC Resources, Inc. (RGCO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• RGC Resources' Q2 operating income decreased by about 10% to $8.6 million due to increased personnel and IT-related costs.

• The company's earnings in unconsolidated affiliates equaled $1.2 million pretax.

• Net income for Q2 was slightly up from last year at $6.4 million, primarily driven by the MVP investment.

• Despite the increase in net income, EPS decreased marginally to $0.63 per share.

• First-half net income for fiscal 2024 was markedly higher than the previous year, at $11.5 million or $1.13 per diluted share.

Business Progress:

• RGC has filed a general rate case seeking a 5% increase in total revenues or about $4.3 million, which is authorized to take effect from July 1.

• Customer growth has remained steady, with 370 new services connected in H1 of fiscal 2024.

• The company reported decreased capital expenditure due to lower spends on the RNG facility, a contrast from last year's overspend.

• The expected functionality of the Mountain Valley Pipeline by May 23, 2024, is seen as a significant step in progress.

More details: RGC Resources IR

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