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Jun 30, 2024
Essential Utilities Q2 2024 Earnings Report
Essential Utilities reported earnings per share of $0.28, impacted by weather conditions, while increasing the quarterly dividend rate by 6.0%.
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
Essential Utilities Revenue by Segment
Revenue by Segment
Regulated Water Revenue
CapyFin.comRegulated Natural Gas Revenue
CapyFin.com 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income