Essential Utilities reports FY23 EPS $1.86 vs $1.77; initiates FY24 EPS guidance $1.96-$2.00

Essential Utilities, Inc.

2023-FY EPS reported $1.86 revenue$2,053,824,000

Net income $498.2M ($1.86 EPS) vs $465.2M ($1.77) in 2022; revenue $2.05B down 10% from $2.29B on lower gas costs.
Record infrastructure investments of $1.19B in 2023; FY24 capex guidance $1.3-1.4B, $7.2B through 2028.
Acquired 7 water/wastewater systems adding ~$44.5M rate base and 11k customers; signed agreements for 215k EDUs (~$380M).
FY24 EPS guidance $1.96-$2.00; expects ~$250M equity ATM in 2024; regulated rate base CAGR ~8% (water) and ~10% (gas).
Q2 dividend $0.3071/sh declared for June 1; $500M debt issued Jan 2024 at 5.375% due 2034; sold microgrid assets for $165M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Essential Utilities, Inc. reported year ended December 31, 2023 results: revenue $2.05 billion, net income $498.2 million, EPS $1.86 per share. Guidance initiated.

Period: year ended December 31, 2023
Revenue: $2.05 billion
Net income: $498.2 million
EPS: $1.86 per share
Guidance: initiated
Result: reported results

Exact text from the filing

sustainable business practices and are excited to continue in our role as an industry leader throughout 2024.” Full-year 2023 Operating Results Essential reported revenues of $2.05 billion in 2023 compared to $2.29 billion in the prior year. The decrease in revenues for the year were primarily due to lower purchased gas costs and unfavorable weather resulting in

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Source: SEC EDGAR

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