Welcome to our dedicated page for Essential Utilities news (Ticker: WTRG), a resource for investors and traders seeking the latest updates and insights on Essential Utilities stock.
Essential Utilities, Inc. (symbol: WTRG) is a key player in the United States utility sector, providing regulated water and wastewater services. Operating through its various subsidiaries, the company serves around three million residential, commercial, industrial, and municipal customers across multiple states including Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia.
Headquartered in Bryn Mawr, Pennsylvania, Essential Utilities' history dates back to 1886, formerly known as Aqua America, Inc. The company underwent a rebranding in February 2020 to become Essential Utilities, Inc. The firm has a significant footprint in Pennsylvania, where nearly three-fourths of its water earnings are generated, primarily from suburban Philadelphia.
In addition to traditional water services, Essential Utilities provides non-utility raw water supply services to companies in the natural gas drilling industry. It also offers water and sewer line protection solutions and repair services to households through third-party agreements. Its Peoples subsidiary extends the company's reach into the natural gas sector, serving over 740,000 customers in Pennsylvania and Kentucky.
Over the years, Essential Utilities has consistently prioritized sustainable practices and infrastructure improvements. Recent projects include upgrading water treatment facilities and expanding service coverage to underserved areas. Financially, the company maintains a stable outlook supported by strong regulatory frameworks and long-term contracts.
Essential Utilities has also established several partnerships to enhance service delivery and operational efficiency. These partnerships allow the company to innovate and implement cutting-edge technologies in water treatment and distribution. Through these efforts, Essential Utilities continues to play a crucial role in ensuring access to safe and reliable water and wastewater services.
Aqua Illinois, a subsidiary of Essential Utilities (NYSE: WTRG), has appointed David Carter as the new state president. With over 15 years of expertise in water and wastewater management, including roles at Suez Environment and Veolia Water North America, Carter aims to enhance service for 273,000 customers across Illinois. He replaces Bob Ervin, who moves to Aqua Indiana. Carter's leadership is anticipated to boost operational efficiency and strategic growth within the company.
Essential Utilities Inc. (NYSE: WTRG) announced the promotion of Brian Gresehover to vice president of engineering for Aqua, its water subsidiary. With 17 years of experience in engineering design and planning, he will manage Aqua's engineering department, focusing on hydraulic modeling and asset management. Gresehover oversaw a $150 million annual capital budget during his previous role. Aqua president Colleen Arnold emphasized the need for dedicated engineering leadership as the company continues to replace over 100 miles of water mains annually, enhancing operational reliability.
Aqua Pennsylvania, a subsidiary of Essential Utilities, presented a $365,000 check to the Philadelphia Zoo on July 21, 2022. This funding comes from The Essential Foundation and supports the "Water is Life: Red Panda Pass & Otter Falls" exhibit. The partnership emphasizes environmental conservation and will last for three years, including community outreach initiatives. Aqua serves approximately 1.5 million people in Pennsylvania, highlighting its commitment to water conservation alongside the Zoo's mission.
Essential Utilities Inc. (NYSE: WTRG) announced that its subsidiary Aqua Pennsylvania received a one-year exclusivity agreement from the Bucks County Water and Sewer Authority (BCWSA) to advance discussions on purchasing wastewater assets. Aqua's proposal, valued at over $1.1 billion, was selected for its perceived benefits to customers and taxpayers. This decision follows a competitive bidding process and requires further approvals before finalizing the acquisition. Chairman Christopher Franklin expressed confidence in the transaction's potential advantages for Bucks County residents.
Essential Utilities Inc. (NYSE: WTRG) will report its earnings for the quarter ending June 30, 2022, on August 3, 2022, after market close. A conference call for financial analysts is scheduled for August 4, 2022, at 11 a.m. Eastern Daylight Time, which will be available via webcast. Essential Utilities serves approximately 5.5 million customers across 10 states, focusing on water, wastewater, and natural gas services. The company emphasizes infrastructure investment and environmental stewardship.
Essential Utilities Inc. (NYSE: WTRG) reported a net income of $199.4 million for Q1 2022, up from $183.7 million in Q1 2021. Earnings per share (EPS) grew by 5.6% to $0.76. Total revenues surged 19.8% to $699.3 million, driven by increased demand and recovery of higher gas costs. The company plans to invest approximately $1 billion in infrastructure annually through 2024. It reaffirmed its 2022 EPS guidance of $1.75-$1.80, alongside a long-term EPS growth rate of 5-7% through 2024. Essential also announced a quarterly dividend of $0.2682, payable on June 1, 2022.
Essential Utilities (NYSE: WTRG) hosted the inaugural H2 Summit: Fueling the Future on April 13 in
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