Corporate ActionMay 5, 2026, 10:32 AM
York Water Co. Raises $47.7M in Public Stock Offering; Q1 Net Income +32%
AI Summary
York Water Co. successfully completed a public offering of 1,750,000 common shares, including the underwriters' option, raising approximately $47.7 million in net proceeds. These funds will be used to repay short-term borrowings, fund capital expenditures and acquisitions, and for general corporate purposes. The company also reported strong first-quarter results, with net income increasing by 32.34% and operating revenues growing by 8.77%. Additionally, the Pennsylvania Public Utility Commission authorized significant annual rate increases for both water and wastewater services, effective March 1, 2026.
Key Highlights
- Completed public offering of 1,750,000 common shares, raising approximately $47.7M net proceeds.
- Net Income for Q1 2026 increased 32.34% to $4,814 thousand from $3,638 thousand in Q1 2025.
- Operating Revenues for Q1 2026 rose 8.77% to $20,074 thousand from $18,456 thousand in Q1 2025.
- Basic Earnings Per Share for Q1 2026 increased 32% to $0.33 from $0.25 in Q1 2025.
- PPUC authorized annual water rate increase of $16,000 thousand and wastewater rate increase of $2,850 thousand, effective March 1, 2026.
- Acquired wastewater assets of CMV Sewage Co. and Pine Run Retirement Community, adding 380 customers.
- Long-term debt increased to $227,058 thousand as of March 31, 2026, from $221,900 thousand at Dec 31, 2025.
- Net cash provided by operating activities was $5,368 thousand in Q1 2026.
Price Impact
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