RGC Resources, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>RGC Resources, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, providing an update on its financial performance and operations.</b>

AI Summary

RGC RESOURCES INC (RGCO) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. RGC Resources, Inc. reported financial results for the quarter ending December 31, 2023. The company's fiscal year ends on September 30. The filing is a 10-Q, indicating a quarterly report. The company is incorporated in Virginia (VA). The SIC code for RGC Resources, Inc. is 4923 (Natural Gas Transmission & Distribution).

Why It Matters

For investors and stakeholders tracking RGC RESOURCES INC, this filing contains several important signals. This filing provides investors with crucial, up-to-date financial information on RGC Resources, Inc.'s performance, enabling informed investment decisions. As a natural gas transmission and distribution company, the 10-Q details operational and financial metrics relevant to the energy sector, including potential impacts of regulatory changes or market conditions.

Risk Assessment

Risk Level: low — RGC RESOURCES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess the company's financial health and growth trajectory.

Key Numbers

• 20231231 — Conformed Period of Report (10-Q filing)
• 20240206 — Filed As Of Date (10-Q filing)
• 0930 — Fiscal Year End (Company data)
• 5407774427 — Business Phone (Company data)

Key Players & Entities

• RGC Resources Inc (company) — FILER
• RGCO (company) — tk
• Virginia (location) — STATE OF INCORPORATION
• Roanoke (location) — CITY
• 4923 (industry) — STANDARD INDUSTRIAL CLASSIFICATION

Forward-Looking Statements

• RGC Resources Inc. will continue to show year-over-year growth in net income for the next fiscal quarter. (RGC Resources Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

RGC Resources, Inc. operates within the natural gas transmission and distribution industry, a sector critical for energy infrastructure and regulated by various authorities.

Regulatory Implications

As a natural gas utility, RGC Resources, Inc. is subject to regulatory oversight concerning service provision, pricing, and safety standards, which are typically detailed in SEC filings.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze segment data if provided to understand revenue drivers within the Gas Utility and Nonutility segments.
3. Compare key financial metrics (revenue, net income, debt) to previous periods to identify performance trends.

Key Dates

• 2023-12-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-02-06: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, and a direct comparison to a prior period's 10-Q for the same quarter is not yet available within this extract.

Key Financial Figures

• $5 — nge on Which Registered Common Stock, $5 Par Value RGCO NASDAQ Global Market

Filing Documents

• rgco20231231_10q.htm (10-Q) — 1371KB
• ex_605822.htm (EX-31.1) — 14KB
• ex_605823.htm (EX-31.2) — 15KB
• ex_605824.htm (EX-32.1) — 5KB
• ex_605825.htm (EX-32.2) — 6KB
• ex_622712.htm (EX-99.1) — 19KB
• 0001437749-24-003248.txt (&nbsp;) — 7579KB
• rgco-20231231.xsd (EX-101.SCH) — 65KB
• rgco-20231231_cal.xml (EX-101.CAL) — 52KB
• rgco-20231231_def.xml (EX-101.DEF) — 439KB
• rgco-20231231_lab.xml (EX-101.LAB) — 350KB
• rgco-20231231_pre.xml (EX-101.PRE) — 477KB
• rgco20231231_10q_htm.xml (XML) — 1432KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 1 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 3 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

Signatures

Signatures 36 Table of Contents GLOSSARY OF TERMS AFUDC Allowance for Funds Used During Construction AOCI/AOCL Accumulated Other Comprehensive Income (Loss) ARO Asset Retirement Obligation ARP Alternative Revenue Program, regulatory or rate recovery mechanisms approved by the SCC that allow for the adjustment of revenues for certain broad, external factors, or for additional billings if the entity achieves certain performance targets ARPA American Rescue Plan Act of 2021 ASC Accounting Standards Codification ASU Accounting Standards Update as issued by the FASB ATM At-the-market program whereby a Company can incrementally offer common stock through a broker at prevailing market prices and on an as-needed basis CARES/CARES Act The Coronavirus Aid, Relief, and Economic Security Act Company RGC Resources, Inc. or Roanoke Gas Company COVID-19 or Coronavirus A pandemic disease that causes respiratory illness similar to the flu with symptoms such as coughing, fever, and in more severe cases, difficulty in breathing CPCN Certificate of Public Convenience and Necessity D.C. Circuit U. S. Court of Appeals for the District of Columbia Diversified Energy Diversified Energy Company, a wholly-owned subsidiary of Resources DRIP Dividend Reinvestment and Stock Purchase Plan of RGC Resources, Inc. DTH Decatherm (a measure of energy used primarily to measure natural gas) EPS Earnings Per Share ERISA Employee Retirement Income Security Act of 1974 FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation Table of Contents FERC Federal Energy Regulatory Commission Fourth Circuit U.S. Fourth Circuit Court of Appeals FRA Fiscal Responsibility Act of 2023, bi-partisan legislation containing certain provisions specific to MVP GAAP Generally Accepted Accounting Principles in the United States HDD Heating degree day, a measurement designed to quantify the demand for energy. It is the number of degrees

View Full Filing

View this 10-Q filing on SEC EDGAR