Essential Utilities Q2 2024 Earnings Report
Key Takeaways
Essential Utilities reported a net income of $75.4 million, or $0.28 per share, for the second quarter of 2024. Revenues decreased slightly by 0.5% to $434.4 million. The company's regulated water segment saw revenue growth, while the regulated natural gas segment experienced a decrease due to warmer weather and lower volumes.
Net income for Q2 2024 was $75.4 million, or $0.28 per share.
Revenues for the quarter were $434.4 million, a 0.5% decrease compared to Q2 2023.
Regulated water segment revenues increased by 3.0% to $302.5 million.
The quarterly dividend rate increased by 6.0% to $0.3255 per share.
Essential Utilities
Essential Utilities
Forward Guidance
Essential Utilities reaffirms its commitment to substantially reduce Scope 1 and 2 greenhouse gas emissions by 2035 and provides guidance on earnings per share, infrastructure investment, and rate base growth, including signed municipal water and wastewater acquisitions.
Positive Outlook
- The company plans to achieve emissions reductions through extensive gas pipeline replacement.
- The company plans to achieve emissions reductions through the purchase of renewable energy.
- The company plans to achieve emissions reductions through accelerated methane leak detection and repair.
- The company expects to continue issuing equity and debt on an as needed basis to support acquisitions and capital investment plans.
- The company's average annual regulated water segment growth guidance reflects its acquisition track record.
Challenges Ahead
- Guidance is subject to risks and uncertainties, including changes in EPA regulations.
- Guidance is subject to risks and uncertainties, including changes in the United States' government policies.
- Guidance is subject to risks and uncertainties, including potential disruptions in the supply chain.
- Guidance is subject to risks and uncertainties, including the company's ability to raise additional equity.
- Guidance is subject to risks and uncertainties, including unfavorable weather conditions.