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
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