Essential Utilities Initiating 2024 Annual Earnings Per Share Guidance Range Of $1.96-$2.00 Vs $2.01 Est

Author: Benzinga Newsdesk | February 22, 2024 05:58pm

Essential 2024 Financial and Growth Guidance

In December 2023, Essential's largest regulated natural gas subsidiary, Peoples Natural Gas, filed a base rate case and the company's largest regulated water subsidiary, Aqua Pennsylvania, also expects to seek rate relief in the second quarter of 2024. Therefore, the company will refrain from providing a multi-year earnings per share guidance range until the conclusion of these base rate cases. The following is the company's 2024 guidance:

• In 2024, net income per diluted common share will be $1.96 to $2.00
• In 2024, regulated infrastructure investments will be approximately $1.3 to $1.4 billion
• Through 2028, we will make regulated infrastructure investments of approximately $7.2 billion, weighted towards the regulated water segment
• Through 2028, the regulated water segment rate base will grow at a compounded annual growth rate of approximately 8%
• Through 2028, the regulated natural gas segment rate base will grow at a compounded annual growth rate of approximately 10%
• Through 2028, the regulated utility rate base will grow at a compounded annual growth rate of over 8%
• The regulated water customer base (or equivalent dwelling units) of the business will grow at an average annual growth rate of between 2 and 3% from acquisitions and organic customer growth
• The regulated natural gas customer base of the business will be stable for 2024
• In 2024, approximately $250 million in equity is expected to be raised using an ATM equity program

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