Essential Utilities Q1 2023 Earnings Report
Key Takeaways
Essential Utilities reported a net income of $191.4 million and earnings per share of $0.72 for the first quarter of 2023. Revenues increased by 3.9% to $726.5 million compared to the first quarter of 2022. The company reaffirms its full-year earnings per share guidance.
Net income reached $191.4 million, with earnings per share at $0.72 for Q1 2023.
Revenues increased by 3.9% to $726.5 million compared to Q1 2022, driven by rates, surcharges, and customer growth in the regulated water segment.
Operations and maintenance expenses decreased by 3.2% to $138.0 million in Q1 2023.
The company invested approximately $243.7 million in infrastructure improvements during the first three months of the year.
Essential Utilities
Essential Utilities
Essential Utilities Revenue by Segment
Forward Guidance
Essential published guidance for 2023, including its long-term guidance, and reaffirms this guidance as previously announced.
Positive Outlook
- Reaffirms ESG Guidance and Commitments
- Plans to achieve reductions through extensive gas pipeline replacement
- Purchase of renewable energy
- Accelerated methane leak detection and repair
- Commitment to diversity, equity, and inclusion efforts
Challenges Ahead
- disruptions in the global economy
- financial and workforce impacts from the COVID-19 pandemic
- potential disruptions in the supply chain for raw and finished materials
- housing and customer growth trends
- unfavorable weather conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income