Essential Utilities Q1 EPS $0.97 vs $0.72; raises FY guidance above $1.96-$2.00 range

Essential Utilities, Inc.

2024-Q1 EPS reported $0.97 revenue$612,069,000

Net income $265.8M ($0.97/share) includes $66.0M after-tax gain from sale of non-core energy projects for $165M.
Revenue $612.1M, down 15.7% YoY, primarily due to lower purchased gas costs passed through to customers.
Water segment revenue up 4.7% to $279.9M; gas segment revenue down to $324.3M from $441.3M on lower commodity prices.
Quarterly dividend of $0.3071 declared, payable June 1, 2024 to holders of record May 10, 2024.
Company now expects 2024 EPS to exceed prior guidance of $1.96-$2.00 due to the gain on sale, despite warm weather.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Essential Utilities, Inc. reported first quarter ended March 31, 2024 results: revenue $612.1 million, net income $265.8 million, EPS $0.97 per share.

Period: first quarter ended March 31, 2024
Revenue: $612.1 million
Net income: $265.8 million
EPS: $0.97 per share
Result: reported results

Exact text from the filing

gas segment and water segment volumes, and other items, which includes the gain on sale, were offset by a slight increase in expenses. Revenues for the quarter were $612.1 million compared to $726.5 million in the first quarter of 2023, a decrease of 15.7%. Lower purchased gas costs and other items were the primary contributors to the decrease in revenues

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Source: SEC EDGAR

accession 0001552781-24-000272

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