Loading...
•
Mar 31, 2024
Essential Utilities Q1 2024 Earnings Report
Reported a favorable comparison in net income and earnings per share, driven by regulatory recoveries and segment growth, but revenues decreased due to lower purchased gas costs.
Key Takeaways
Essential Utilities reported a strong first quarter with increased net income and earnings per share, driven by regulatory recoveries and customer growth across its water and natural gas segments. The company completed the sale of its non-core energy projects for $165 million, reinvesting the proceeds into infrastructure. While revenues decreased due to lower purchased gas costs, the company remains focused on achieving strong results for the year.
Net income increased to $265.8 million, or $0.97 per share, compared to $191.4 million, or $0.72 per share, in Q1 2023.
Revenues decreased by 15.7% to $612.1 million, primarily due to lower purchased gas costs.
Completed the $165 million sale of non-utility microgrid and district energy projects, using proceeds for capital expenditures.
Invested approximately $253.0 million in infrastructure improvements during the quarter.
Revenue by Segment
Forward Guidance
Essential reaffirms its commitment to reduce Scope 1 and 2 greenhouse gas emissions by 2035 and to providing finished water that will meet the EPA regulation regarding PFAS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...