Essential Utilities Q3 2023 Earnings Report
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
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.