WTRG's Top-line Takes a Dive in Latest Financial Report

Strong Earnings Growth and Increased Dividend for Essential Utilities Inc.

Published / Modified Mar 01 2024
Goran Soko / CSIMarket.com

Financial News Report: Essential Utilities Inc.
Delivers Strong Earnings Growth, Declares Increased Dividend

BRYN MAWR, Pa.
- Essential Utilities Inc.
(NYSE: WTRG), a leading water, wastewater, and natural gas provider, recently released its financial results for the most recent fiscal period ending December 31, 2023.
The company demonstrated solid growth in earnings per share and net income, while experiencing a decline in revenue.

Earnings per share showed significant improvement, growing by 13.08% to $0.49 compared to $0.43 in the same period a year ago.
Income per share saw even more substantial growth, soaring by 62.23% from $0.30 to $0.49.

However, revenue experienced a decline of -32.034% to $479.42 million from $705.38 million in the same reporting season a year prior.
Despite this decline, Essential Utilities Inc.
highlighted that the drop in revenue was in stark contrast to the industry average for the Water Supply sector, which recorded top-line growth during the same period.
Sequentially, revenue improved by 16.575% from $411.26 million.

Net earnings in the most recent fiscal period increased by 17.85% to $135.448 million from $114.932 million reported in the same period a year ago.
The company also emphasized its improving profit margins, with net margin rising to 28.25% and operating margin edging up to 36.29%.
The level of inventories declined to $65.2 million at Essential Utilities Inc., indicating potential future demand.
Operating earnings, however, improved by just 2.36% to $173.973 million.

Analyzing further financial results for the financial year 2023, WTRG disclosed revenue of $2.05 billion and bottom-line of $498.23 million.
Income improved by 5.08% to $1.86 per share from $1.77 in the previous financial year, while revenue deteriorated by -10.24% from $2.29 billion a year prior.

Despite the company facing warmer than normal winter weather in 2023, Essential Utilities Inc.
delivered earnings per share that met their 2023 guidance expectations, according to the company's Chairman.

In further news, Essential Utilities Inc.
has declared a significant increase in its June 2024 dividend payment.
The company's board of directors has approved a quarterly cash dividend of $0.3071 per share, representing a 7% increase compared to the June 2023 dividend payment of $0.2870 per share.
This demonstrates the company's strong financial performance and commitment to delivering value to its shareholders.
Essential Utilities has a long-standing tradition of paying consecutive quarterly cash dividends for 79 years and has increased the dividend 33 times over the years.

Looking ahead, the future results of Essential Utilities Inc.
will be impacted by these strong earnings growth and increased dividend, as well as the industry dynamics of the Water Supply sector.

On the stock market, Essential Utilities Inc's stock declined by -3.92% during the trailing 30 days and -18.3% from a year ago.
The stock currently trades 8.5% above its 52-week low.

About Essential Utilities Inc.:
Essential Utilities Inc.
is a leading water, wastewater, and natural gas provider serving communities across the United States.
The company has demonstrated consistent financial performance and a strong commitment to delivering value to its shareholders.

Essential Utilities Inc's Price to sales ratio PS

Essential Utilities Inc's Free Cash Flow Margin

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