Q1 2024 Essential Utilities Inc Earnings Call Transcript
Key Points
- Essential Utilities Inc (WTRG) reported GAAP earnings of $0.97 per share, including significant gains from the sale of energy projects.
- The company has made substantial progress in its acquisition program, particularly with the C-motion, expecting a vote from the PUC soon.
- Essential Utilities Inc (WTRG) continues its significant infrastructure investment program, with $253 million invested through March 31, and plans to invest between $1.3 billion and $1.4 billion for the year.
- The company is well-positioned to comply with new EPA limits on PFAS, having tested all water sources and implemented mitigation solutions ahead of many utilities.
- Essential Utilities Inc (WTRG) has a strong focus on corporate governance, with recent board additions and leadership contracts reinforcing its commitment.
- The unusually warm start to the year has impacted the Gas utility, highlighting the need for weather normalization.
- Operating revenues were down due to the decline in natural gas commodity prices year-over-year.
- The company faces potential supply chain pressures, particularly in securing necessary materials for PFAS mitigation within the new EPA compliance timelines.
- Despite strong earnings, there are concerns about the impact of weather on natural gas sales, with weather-related sales net of purchase gas costs about $20 million below projections.
- Regulatory challenges and uncertainties persist, especially with ongoing rate cases and the need for settlements to avoid litigation.
Hello, and welcome to the Essential Utilities Q1 2024 Earnings Call. My name is George. I'll be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions).
I'd like to hand over to your host today, Mr. Brian Dingerdissen to begin today's conference. Please go ahead, sir.
Thanks, George.
Good morning, everyone, and thank you for joining us for our First Quarter 2024 Earnings Call. If you did not receive a copy of the press release, you can find it by visiting the Investor Relations section of our website and the slides that we will be referencing in the webcast of this event can also be found there.
As a reminder, some of the matters discussed during this call may include forward-looking statements that involve risk, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Please refer to our most
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