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.
Essential Utilities Inc. (NYSE: WTRG) has announced two key appointments to its finance team. Angela Jiang joins as vice president of tax, bringing 25 years of experience in utilities, chemical manufacturing, and energy sectors. She will oversee Essential's tax functions, including accounting, financial reporting, planning, and compliance. Hayley Diminick assumes the role of director of investor relations, responsible for developing relationships with shareholders and the financial community.
Jiang, previously senior tax director at Enviva, has held senior positions at various companies including W. R. Grace & Co. and Exelon Diminick brings 10 years of experience, most recently serving as VP of investor relations at Cloverlay. These appointments aim to strengthen Essential's leadership as it addresses water and natural gas infrastructure challenges.
Essential Utilities reminds customers to 'Call Before You Dig' for Safe Digging Day on August 11 (8/11). The company urges homeowners and contractors to call 811 at least three business days before any digging project, regardless of size. This free service prevents injuries, outages, and costly repairs. The process involves:
- Calling 811 before digging
- Waiting for utility companies to mark the site
- Respecting the markings during the project
- Digging with care
Essential Utilities CEO Christopher Franklin emphasizes safety as the top priority, noting that even small projects risk striking underground utility lines. Every six minutes, an underground utility line is damaged due to digging and excavation.
Aqua Pennsylvania has completed the installation of a PFAS treatment system at its Perkiomen Woods well station in Montgomery County. This marks the fourth PFAS treatment facility the company has implemented since 2018, all meeting the new national drinking water standard. The system serves approximately 1,100 people in Upper Providence Township and utilizes four 3-foot diameter filter vessels with anion exchange media.
The $1.3 million project demonstrates Aqua Pennsylvania's commitment to removing 'forever chemicals' from drinking water and complying with state and federal regulations. The company's engineering team devised an innovative solution to install the equipment through rooftop hatches, avoiding more costly construction options. The treatment system became fully operational on July 30, reinforcing Aqua's dedication to providing safe drinking water to its customers.
Essential Utilities Inc. (NYSE: WTRG) reported Q2 2024 earnings of $0.28 per share, down from $0.34 in Q2 2023. Net income was $75.4 million, compared to $91.3 million last year. Revenues decreased 0.5% to $434.4 million. The company increased its quarterly dividend by 6.0% to $0.3255 per share.
Key factors affecting results include:
- Warmer-than-normal weather impacting natural gas segment
- Lower regulated natural gas and water segment volumes
- Increased revenues from regulatory recoveries and water customer growth
- Higher operations and maintenance expenses
Essential reaffirmed its 2024 guidance and long-term growth targets, including $1.3 to $1.4 billion in infrastructure investments for 2024 and $7.2 billion through 2028.
Essential Utilities Inc. (NYSE: WTRG) has announced a 6% increase in its quarterly cash dividend. The board of directors declared a dividend of $0.3255 per share, payable on September 3, 2024, to shareholders of record as of August 12, 2024. This represents a $0.0184 increase over the September 2023 dividend of $0.3071 per share. The company has maintained a strong dividend history, having paid consecutive quarterly cash dividends for 79 years and increased the dividend 34 times in the last 33 years. This consistent dividend growth demonstrates Essential Utilities' commitment to delivering value to its shareholders.
Aqua Pennsylvania has secured $77.5 million in low-interest loans from PENNVEST to support 21 infrastructure projects across Pennsylvania. The funding will enable the installation of 133,400 lineal feet of water mains and approximately 80 new fire hydrants over the next three years. These improvements will benefit customers in Bucks, Montgomery, Delaware, and Chester Counties, reducing water loss and enhancing service reliability.
Aqua Pennsylvania is the first PUC-regulated water utility to secure funding through PENNVEST's Programmatic Financing (ProFi) program. The company has now obtained nearly $115 million in grants and low-interest loans for projects across the Commonwealth in the past three years, demonstrating its commitment to upgrading aging infrastructure and improving customer service.
Essential Utilities (NYSE: WTRG) is set to report its Q2 2024 earnings on August 5, 2024, after market close. A conference call with financial analysts is scheduled for August 6, 2024, at 11 a.m. EDT. The call will be webcast live on Essential.co, with a recording available for replay starting at 2 p.m. on the same day until August 13, 2024. Access to the replay can be obtained by dialing (800) 770-2030 or (609) 800-9909 using pass code 9261648.
Peoples Natural Gas, H Quest, and the University of Pittsburgh have launched a pilot project in Western Pennsylvania to produce zero-emission hydrogen energy. This initiative, using H Quest’s microwave pyrolysis units, converts natural gas into pure hydrogen and solid carbon byproducts without CO2 emissions. The clean hydrogen, referred to as 'turquoise hydrogen,' is tested in various blends with natural gas to evaluate its impact on pipelines and appliances. The project aims to make hydrogen an affordable and zero-emission energy source, potentially transforming the energy landscape by reducing greenhouse gas emissions and creating valuable byproducts like carbon black.
Essential Utilities (WTRG) has been named to USA Today's list of America's Climate Leaders for the second consecutive year.
The recognition is based on significant reductions in greenhouse gas (GHG) emissions from 2020 to 2022. The company aims to reduce Scope 1 and 2 emissions by 60% by 2035, using a 2019 baseline.
Key strategies include renewable energy purchases, gas pipeline replacements, and advanced methane leak detection and repair.
By the end of 2022, Essential achieved a 25% reduction in emissions compared to 2019. Infrastructure improvements, particularly in gas operations, play a significant role in this achievement.
Essential Utilities (NYSE: WTRG) successfully concluded its third annual Essential Earth Day, a month-long initiative focusing on environmental stewardship and community engagement. Highlights include donating over $650,000 in grants to 32 sustainability-focused organizations, empowering 545 employees to volunteer 1,698 hours across 46 events, and educating 432 employees on water management, conservation, and urban gardening. Employees participated in river and trail cleanups, planting initiatives, and crafting enrichment activities for wildlife. The program aims to demonstrate the company's commitment to environmental responsibility and community service.
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