Essential Utilities, Inc. (WTRG) Misses Q2 EPS by 4c; shares growth guidance

Essential Utilities, Inc. (NYSE: WTRG) reported Q2 EPS of $0.28, $0.04 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $434.4 million versus the consensus estimate of $444.7 million.

2024 Financial and Growth Guidance

Essential clarifies guidance:

In February, we provided guidance for 2024 net income per diluted common share to be $1.96 to $2.00. We anticipate exceeding this 2024 guidance as a result of the gain on sale of the energy plant assets, despite the warmer-than-normal weather that resulted in lower regulated natural gas operating revenues year-to-date
In 2024, regulated infrastructure investments will be approximately $1.3 to $1.4 billion
Through 2028, we will make regulated infrastructure investments of approximately $7.2 billion, weighted towards the regulated water segment
Through 2028, the regulated water segment rate base will grow at a compounded annual growth rate of approximately 8%
Through 2028, the regulated natural gas segment rate base will grow at a compounded annual growth rate of approximately 10%
Through 2028, the regulated utility rate base will grow at a compounded annual growth rate of over 8%
The regulated water customer base (or equivalent dwelling units) of the business will grow at an average annual growth rate of between 2 and 3% from acquisitions and organic customer growth
The regulated natural gas customer base of the business will be stable for 2024
In 2024, approximately $250 million in equity is expected to be raised using an ATM equity program

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

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