Essential Utilities — Nov 4, 2024 release

“We are also pleased with the recent Pennsylvania Public Utility Commission (PUC) order for the Peoples Natural Gas rate case and the Aqua Pennsylvania rate case settlement which will be filed at the PUC for review and approval . These were two prominent initiatives for the company in 2024, which allow us to reinstate multi-year earnings guidance with a compounded annual EPS growth rate of 5-7% through 2027.”   “Despite the valid and enforceable asset purchase agreement with DELCORA, which we fully expect to close in the future, today’s earnings guidance does not include any benefit to EPS from this transaction,” said Franklin.   Operating Results   Essential reported net income of $69.4 million and earnings per share of $0.25 for the third quarter of 2024, compared to net income of $80.1 million and earnings per share of $0.30 for the same period in 2023. Comparing this quarter’s earnings to those of the third quarter of 2023, increased revenues from regulatory recoveries, increased water volume and regulated water segment customer growth, and lower expenses were offset by lower regulated natural gas volumes, higher depreciation and interest expense, and lower repair tax benefits.   Revenues for the quarter were $435.3 million compared to $411.3 million in the third quarter of 2023, an increase of about 6%. Rates and surcharges, increased water sales, an increase in the price of gas, and water customer growth offset the revenue decline from lower natural gas usage. Operations and maintenance expenses decreased to $144.4 million for the third quar