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 reported a successful 2022 with earnings per share of $1.77, marking a 6% growth from 2021. Total operating revenues reached $2.29 billion, a 21.8% increase year-over-year, fueled by higher gas costs recovery and customer growth. Record infrastructure investments of $1.06 billion supported operational enhancements. The company closed three acquisitions, adding $120 million in rate base and over 23,000 customers. Guidance for 2023 projects net income per share between $1.85 and $1.90, with continued focus on ESG commitments and capital expenditures expected to increase to $1.1 billion annually through 2025.
The board of directors of Essential Utilities (NYSE: WTRG) has declared a quarterly cash dividend of
Essential Utilities Inc. (NYSE: WTRG) reaffirmed its 2022 earnings per share (EPS) guidance of
Essential Utilities Inc. (NYSE: WTRG) announced the acquisition of the Union Rome Sewer system in Ohio for $25.5 million. The deal includes a wastewater collection network and treatment plant serving 5,300 connections. Aqua Ohio, the company's regulated water subsidiary, aims to enhance system operations impacted by regulatory demands and rising costs. Aqua plans to invest an additional $12.7 million over five years for compliance upgrades. The transaction is expected to close in summer 2023, pending approval from the Public Utilities Commission of Ohio.
Essential Utilities Inc. (NYSE: WTRG) has agreed to sell its West Virginia natural gas utility assets to Hope Gas. This strategic move aims to enhance the growth of its core water and wastewater business by allowing the company to focus on regions where it has greater scale. The sale involves approximately 13,000 customers in West Virginia and is expected to close by mid-2023, subject to regulatory approval. Furthermore, the company will concentrate on operational excellence and investments in its remaining gas operations.
The board of directors of Essential Utilities (NYSE: WTRG) declared a quarterly cash dividend of
Essential Utilities Inc. (NYSE: WTRG) has announced the acquisition of the Village of Oak Brook's water treatment and distribution system for $12.5 million. This system serves approximately 4,000 customer equivalents in DuPage and Cook Counties. This marks the third acquisition by Aqua Illinois in 2022, adding nearly $120 million in rate base and over 23,000 equivalent retail customers. The company plans further expansions, with six signed purchase agreements totaling $352 million and representing about 213,000 equivalent retail customers.
Essential Utilities Inc. (NYSE: WTRG) has appointed Jeanne Russo as vice president of communications and Sumit Nair as vice president and chief information officer. Russo brings over 25 years of communications experience from various industries, including broadband and retail. In her role, she will oversee all internal and external communications. Nair, a seasoned IT executive with nearly 30 years of experience, will manage 130 IT professionals and enhance operational efficiency. This strategic leadership expansion aims to bolster Essential’s capabilities in addressing water and gas infrastructure challenges.
Essential Utilities Inc. (NYSE: WTRG) reported a third-quarter net income of $68.6 million ($0.26 EPS), up from $50.5 million ($0.19 EPS) in Q3 2021. Revenues increased by 20.1% to $434.6 million, driven by higher rates and customer growth. Operating expenses rose to $151.4 million, reflecting acquisitions and inflationary pressures. The board declared a quarterly dividend of $0.2870 per share. The company reaffirmed 2022 EPS guidance of $1.75 to $1.80, with significant ongoing infrastructure investments aimed at supporting growth and sustainability.
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