Essential Utilities, Inc. (NYSE: WTRG) reported Q1 EPS of $0.60, $0.03 better than the analyst estimate of $0.57. Revenue for the quarter came in at $255.59 million versus the consensus estimate of $242.28 million.

“The first quarter of 2020 will be remembered as a significant milestone in the company’s history. While the company changed its name and closed on a transformative acquisition, Essential was able to provide continuous water, wastewater and natural gas service to the five million people we serve during the challenging COVID-19 pandemic,” said Essential’s Chairman and CEO Christopher Franklin. “The company remains strongly positioned to play an important role in solving today’s infrastructure challenges and supporting our mission of delivering safe and reliable natural resources that are essential to everyday life.”

GUIDANCE:

Essential Utilities, Inc. sees FY2020 EPS of $1.53-$1.58, versus the consensus of $1.51.

The company is monitoring the global outbreak of COVID-19 and will update guidance impacts from the outbreak in the future if needed. At this time, the following continues to be the 2020 full-year guidance:

• Adjusted income per diluted common share (non-GAAP) of $1.53 to $1.58
• Earnings growth CAGR of 5 to 7 percent for 2019 through 2022
• Regulated water segment infrastructure investments of approximately $550 million in 2020
• Regulated natural gas segment infrastructure investments of approximately $400 million in 2020 on full-year basis (adjusted to include capital invested in 2020 prior to Essential’s ownership)
• Infrastructure investments of approximately $2.8 billion through 2022 in existing operations to rehabilitate and strengthen water, wastewater, and natural gas systems (including regulated natural gas segment capital invested in 2020 prior to Essential’s ownership)
• Regulated water segment rate base compound annual growth rate of 6 to 7 percent through 2022
• Regulated natural gas segment rate base compound annual growth rate of 8 to 10 percent through 2022
• Total annual regulated water segment customer growth of between 2 and 3 percent on average depending upon regulatory approval
• Gas customer count expected to be relatively stable for 2020

For earnings history and earnings-related data on Essential Utilities, Inc. (WTRG) click here.