Rgc resources, inc. reports 2021 earnings

Roanoke, va., nov. 15, 2021 (globe newswire) -- rgc resources, inc. (nasdaq: rgco) announced consolidated company earnings of $10,102,062 or $1.22 per share for the fiscal year ended september 30, 2021. this compares to earnings of $10,564,534 or $1.30 per share for the year ended september 30, 2020. ceo paul nester stated, “our 2021 earnings reflect improved utility margins associated with our infrastructure replacement programs, customer growth and reduced operating and maintenance expenses. operating and maintenance expenses, net of gas costs, declined $1.7 million or 10.5% due to the accelerated recovery of certain regulatory assets and one-time maintenance investments incurred in 2020 as well as much lower bad debt expense in 2021. the overall earnings decline was primarily attributable to significantly lower non-cash mountain valley pipeline earnings.”
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