Essential Utilities Inc

WTRG

Equity

ISIN US29670G1022 / Valor 52245451

New York Stock Exchange, Inc (2024-12-24)

USD 36.40+0.41%

Essential Utilities Inc
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About company

Essential Utilities Inc. is a prominent utility company in the United States, specializing in the provision of water, wastewater, and natural gas services. Operating under the Aqua and Peoples brands, the company serves around 5 million people across nine states. With over 130 years of experience, Essential Utilities is recognized for its commitment to infrastructure improvement, regulatory compliance, operational efficiency, and environmental stewardship. The company focuses on the renewal and enhancement of utility infrastructure, addressing the critical need for upgrading the United States' aging water and wastewater systems as well as natural gas pipelines. Essential Utilities plays a crucial role in ensuring the delivery of safe, reliable utility services, thereby contributing to the quality of life and economic prosperity of the communities it serves.

Summarized from source with an LLMView SourceSector: Energy

Net Income and Earnings

Essential Utilities Inc. reported a net income of $69.4 million for the third quarter of 2024, translating to earnings per share of $0.25. This marks a decrease from the third quarter of 2023, where the net income was $80.1 million and earnings per share were $0.30. The decline in earnings was attributed to lower regulated natural gas volumes, higher depreciation and interest expenses, and reduced repair tax benefits.

Revenue Growth

For the third quarter of 2024, Essential Utilities Inc. achieved revenues of $435.3 million, representing a 6% increase from $411.3 million in the same period of 2023. The growth was driven by increased water sales, higher gas prices, and customer growth in the regulated water segment, which offset the decline in natural gas usage.

Dividend Announcement

On October 30, 2024, Essential Utilities Inc.'s board of directors declared a quarterly cash dividend of $0.3255 per share of common stock. This dividend is scheduled to be paid on December 2, 2024, to shareholders of record as of November 12, 2024. The company has maintained a consecutive quarterly cash dividend for 79 years.

Capital Expenditures

In the first nine months of 2024, Essential Utilities Inc. invested approximately $932.5 million to enhance its regulated water and natural gas infrastructure systems. The company plans to invest between $1.3 to $1.4 billion in infrastructure improvements for the entire year and aims to allocate around $8.0 billion from 2025 through 2029 for further enhancements.

Rate Case Developments

Essential Utilities Inc. received approval from the Pennsylvania Public Utility Commission for the Peoples Natural Gas rate case, resulting in an annualized $93 million revenue increase. Additionally, Aqua Pennsylvania reached a settlement agreement on its rate case, which is pending review. These developments are part of the company's strategy to secure multi-year earnings guidance with a projected EPS growth rate of 5-7% through 2027.

Summarized from source with an LLMView Source

Key figures

-1.99%1Y

-30.3%3Y

-21.2%5Y

Performance

21.3%1Y

23.1%3Y

29.4%5Y

Volatility