Essential Utilities, Inc. - WTRG STOCK NEWS

Aqua Pennsylvania has filed a request with the Pennsylvania PUC to increase water and wastewater rates to recover $1.1 billion spent on infrastructure upgrades. This includes replacing over 400 miles of aging water mains and enhancing service reliability. If approved, typical monthly residential water bills will rise from $69.35 to $81.32, while wastewater bills will go from $55.51 to $73.95. The request aims for a $97.7 million revenue increase. Aqua serves 1.5 million people and highlights its commitment to providing safe drinking water and efficient wastewater services.

Essential Utilities reported second-quarter results for 2021, showcasing a net income of $80.9 million, an 8.4% increase from $74.6 million in Q2 2020. Earnings per share rose to $0.32 from $0.29. Revenue increased by 3.3% to $397.0 million driven by higher rates and volumes. The regulated water segment generated $248.2 million, up 6.0%, while the natural gas segment dipped to $141.6 million, a 3.6% decline due to warm weather impacts. The company reaffirmed its full-year earnings guidance of $1.64 to $1.69 per share.

Essential Utilities (NYSE: WTRG) announced the acquisition of the water treatment and distribution system in The Commons of Lake Houston, Texas, which serves about 1,000 homes. This marks the first transaction utilizing Texas's new fair market value law, allowing regulated water companies to pay a fair market value for systems. Essential's Chairman highlighted the law's benefits for municipalities by facilitating compliance with health and environmental standards. The acquisition is part of a broader strategy, with seven additional agreements totaling $458.5 million for other water and wastewater systems.

Aqua Pennsylvania, part of Essential Utilities, inaugurated a new 14,700-square-foot environmental laboratory, significantly larger than its predecessor. This facility aims to enhance water quality compliance as regulations evolve. The lab, employing 19 specialists, will conduct around 90,000 tests annually. Certified by various state agencies, it symbolizes Aqua's commitment to public health and safe drinking water. Essential's leadership highlighted the lab's role in adapting to emerging contaminants and improving service reliability for 1.4 million customers across Pennsylvania.

Essential Utilities (NYSE: WTRG) has appointed David Ciesinski to its board of directors, where he will serve on the audit and corporate governance committees. Ciesinski, currently the president and CEO of Lancaster Colony Corporation, brings extensive experience in leadership and growth strategies. His appointment follows a national search aimed at enhancing board expertise, particularly in growth and branding. The company aims to leverage Ciesinski's background in acquisitions to bolster its long-term growth strategy.

Aqua Pennsylvania's wastewater treatment plant in Upper Providence Township has won the Phase III Directors Award from the Partnership for Clean Water. This prestigious recognition highlights the plant's commitment to optimizing operations and preserving environmental water quality. Notably, it is the first facility in Pennsylvania and the tenth in the nation to receive this honor. Despite ongoing upgrades costing over $30 million, the team remained dedicated during the pandemic, underscoring their determination for operational excellence.

Essential Utilities Inc. (NYSE: WTRG) has announced a quarterly cash dividend of $0.2682 per share, payable on Sept. 1, 2021, to shareholders of record as of Aug. 13, 2021. This dividend marks a 7% increase from the $0.2507 paid in June and represents the company's 31st consecutive dividend increase over the past 30 years. The annualized dividend rate will now be $1.0728 per share, with a targeted payout ratio of 60-65% of net income, showcasing ongoing commitment to providing reliable services and enhancing shareholder value.

Essential Utilities (NYSE: WTRG) will announce its earnings for Q2 2021 on August 5, 2021, after market close. A conference call for financial analysts is scheduled for the same day at 11 a.m. EDT, which will be available via webcast. The company, serving around 5 million customers across 10 states under the Aqua and Peoples brands, emphasizes its commitment to infrastructure investment, regulatory expertise, and environmental stewardship. Following the call, a replay will be accessible for 10 business days.