Essential Utilities, Inc. - WTRG STOCK NEWS

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.

Essential Utilities Inc. (NYSE: WTRG) appointed W. Bryan Lewis to its board of directors, enhancing its governance with his extensive investment expertise. Lewis, the chief investment officer at United States Steel Corporation, has a successful track record of managing large pension funds and reducing investment risks. His appointment aligns with Essential's commitment to diversity and growth. The company, serving 5.5 million customers in 10 states, focuses on water, wastewater, and natural gas services while prioritizing infrastructure investment and environmental stewardship.

The board of directors of Essential Utilities (NYSE: WTRG) declared a quarterly cash dividend of $0.2870 per share, payable on December 1, 2022 to shareholders of record on November 11, 2022. This represents a 7% increase from the December 2021 dividend of $0.2682. The annual dividend rate is now $1.1480 compared to $1.0728 last year. Essential has maintained consecutive dividends for 77 years and has increased them 32 times in the last 31 years.

Essential Utilities Inc. (NYSE: WTRG) announced that its subsidiary, Aqua Pennsylvania, has secured a $5.5 million grant from the Pennsylvania Infrastructure Authority for constructing a treatment facility in Horsham Township. This facility aims to remove harmful per- and polyfluoroalkyl substances (PFAS) from local water. The funding will alleviate costs for Aqua ratepayers and support the installation of new ion exchange contactors. This is the second PENNVEST grant received by Aqua, following a $4.5 million grant in 2020 for a similar project.

Essential Utilities Inc. (NYSE: WTRG) is set to announce its earnings for the quarter ending September 30, 2022, before the market opens on November 7, 2022. A conference call for financial analysts will follow at 11 a.m. EST on the same day, with a live webcast available on their website. The call will be archived for 90 days, and an audio replay will be accessible starting at 2 p.m. EST that day for 10 business days. Essential provides water and natural gas services to around 5.5 million customers across 10 states.