The following is a summary of the Essential Utilities, Inc. (WTRG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Essential Utilities reported Q1 2024 GAAP earnings of $0.90 to $0.97 per share, boosted by a sizeable gain from the sale of energy projects.

• The overall performance was hindered by exceptional warm weather, highlighting the importance of weather normalization for their gas utility.

• The company invested $253 million through Q1 2024 and plans for record capital expenditures of $1.3 billion to $1.4 billion.

Business Progress:

• The company is advancing its acquisition program, awaiting approval of a critical motion by the Pennsylvania Utility Commission.

• Aiming to comply with the first-ever limits on PFAS, nine treatment systems have been installed with more expected to be operational by the end the year.

• Essential Utilities is focusing on enhancing customer reliability through substantial infrastructure investment and aggressive pipeline modernization programs.

• The company aims for a 60% reduction in CO2 emissions by 2035, with a significant headway already made.

• A rate hike petition has been filed to enhance the distribution system safety and reliability, expecting the new rates to come in effect before winter.

• Future financial growth is expected to be driven by acquisitions, customer base stability in the Natural Gas sector, and an equity raise of approximately $250 million planned this year.

• Major investments in regulated infrastructure are projected in the coming years, with an estimated $7.2 billion by 2028.

• Efforts have been made to establish procurement strategies and ensure full compliance with PFAS regulations.

• The company expects growth in the Water and Wastewater sectors from acquisitions and organic customer growth estimated at 2% to 3% annually.

More details: Essential Utilities IR

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