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Sep 30, 2023
Essential Utilities Q3 2023 Earnings Report
Reported strong execution and financial performance, remaining on track to meet 2023 guidance.
Key Takeaways
Essential Utilities reported a strong third quarter with net income of $80.1 million, compared to $68.6 million in the same quarter of 2022. Earnings per share were $0.30, up from $0.26 in the third quarter of 2022. Revenues were $411.3 million, a decrease compared to $434.6 million in the third quarter of 2022, primarily due to lower purchased gas costs and decreased volume from the regulated water segment.
Net income increased to $80.1 million compared to $68.6 million in the same quarter of 2022.
Earnings per share rose to $0.30, up from $0.26 in the third quarter of 2022.
Revenues were $411.3 million, a decrease from $434.6 million in the third quarter of 2022.
The company reaffirms its long-term guidance.
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 reaffirms its published 2023 guidance, including its long-term guidance, and reaffirms ESG Guidance and Commitments.
Positive Outlook
- Reaffirms commitment to substantially reduce Scope 1 and 2 greenhouse gas emissions by 2035.
- Plans to achieve these reductions through extensive gas pipeline replacement.
- Plans to achieve these reductions through the purchase of renewable energy.
- Plans to achieve these reductions through accelerated methane leak detection and repair.
- Essential also remains committed to diversity, equity, and inclusion efforts to ensure the diversity of its employees and suppliers reflects the diversity of its customer population.
Revenue & Expenses
Visualization of income flow from segment revenue to net income