Essential Utilities Says In February, We Provided Guidance For 2024 Net Income Per Diluted Common Share To Be $1.96-$2.00. Due To Q1 2024 Results, We Anticipate Exceeding This 2024 Guidance As A Result Of The Gain On Sale Of The Energy Plant Assets, Despite The Warmer-Than-Normal Weather That Resulted In Lower Regulated Natural Gas Operating Revenues
Author: Benzinga Newsdesk | May 02, 2024 05:04pm
2024 Financial and Growth Guidance
Essential updates its guidance from previously announced:
- In February, we provided guidance for 2024 net income per diluted common share to be $1.96 to $2.00. Due to the first quarter 2024 results, we anticipate exceeding this 2024 guidance as a result of the gain on sale of the energy plant assets, despite the warmer-than-normal weather that resulted in lower regulated natural gas operating revenues
- 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
Posted In: WTRG
