Essential Utilities Files Q2 2024 10-Q

TL;DR

Essential Utilities (WTRG) filed its Q2 10-Q. Water utility operations detailed.

AI Summary

Essential Utilities, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Aqua America Inc., reported on its water and wastewater utility operations. Key financial details and operational updates for the second quarter of 2024 are included in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Essential Utilities, Inc., crucial for understanding the company's current standing and future prospects in the water utility sector.

Risk Assessment

Risk Level: low — As a regulated utility, Essential Utilities operates in a stable, predictable market, generally leading to lower investment risk.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-08-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Essential Utilities, Inc. (company) — Filer
• Aqua America Inc. (company) — Former company name
• Philadelphia Suburban Corp (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.50 — nge on which registered Common stock, $0.50 par value WTRG New York Stock Excha

Filing Documents

• wtrg-20240630x10q.htm (10-Q) — 4822KB
• wtrg-20240630xex10_1.htm (EX-10.1) — 1001KB
• wtrg-20240630xex10_2.htm (EX-10.2) — 1159KB
• wtrg-20240630xex31_1.htm (EX-31.1) — 17KB
• wtrg-20240630xex31_2.htm (EX-31.2) — 17KB
• wtrg-20240630xex32_1.htm (EX-32.1) — 10KB
• wtrg-20240630xex32_2.htm (EX-32.2) — 10KB
• 0001562762-24-000197.txt ( ) — 19489KB
• wtrg-20240630.xsd (EX-101.SCH) — 55KB
• wtrg-20240630_cal.xml (EX-101.CAL) — 60KB
• wtrg-20240630_def.xml (EX-101.DEF) — 236KB
• wtrg-20240630_lab.xml (EX-101.LAB) — 428KB
• wtrg-20240630_pre.xml (EX-101.PRE) — 429KB
• wtrg-20240630x10q_htm.xml (XML) — 4445KB

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets (unaudited) – June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) – Three Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) – Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Capitalization (unaudited) - June 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Equity (unaudited) – Six Months Ended June 30, 2024 7 Condensed Consolidated Statements of Equity (unaudited) – Six Months Ended June 30, 202 3 8 Condensed Consolidated Statements of Cash Flow (unaudited) – Six Months Ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 45

Signatures

Signatures 46 1 Table of Contents ESSENTIAL UTILITIES, INC. AND SUBSIDIARIES CONDENSED CO NS OLIDATED BALANCE SHEETS (In thousands of dollars, except per share amounts) (UNAUDITED) June 30, December 31, Assets 2024 2023 Property, plant and equipment, at cost $ 15,519,111 $ 14,977,021 Less: accumulated depreciation 2,999,982 2,879,949 Net property, plant and equipment 12,519,129 12,097,072 Current assets: Cash and cash equivalents 18,819 4,612 Accounts receivable, net 139,768 144,300 Unbilled revenues 74,941 101,436 Inventory - materials and supplies 50,117 47,494 Inventory - gas stored 34,424 65,173 Prepayments and other current assets 28,712 99,884 Regulatory assets 15,952 29,080 Total current assets 362,733 491,979 Regulatory assets 1,895,512 1,766,892 Deferred charges and other assets, net 94,385 102,388 Funds restricted for construction activity 1,402 1,381 Goodwill 2,340,731 2,340,738 Operating lease right-of-use assets 34,791 37,416 Intangible assets 3,433 3,593 Total assets $ 17,252,116 $ 16,841,459 The accompanying notes are an integral part of these condensed consolidated financial statements 2 Table of Contents ESSENTIAL UTILITIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (In thousands of dollars, except per share amounts) (UNAUDITED) June 30, December 31, Liabilities and Equity 2024 2023 Stockholders' equity: Common stock at $ 0.50 par value, authorized 600,000,000 shares, issued 277,016,906 and 276,595,228 as of June 30, 2024 and December 31, 2023 $ 138,508 $ 138,297 Capital in excess of par value 4,149,208 4,137,696 Retained earnings 1,963,716 1,706,675 Treasury stock, at cost, 3,348,009 and 3,299,191 shares as of June 30, 2024 and December 31, 2023 ( 88,198 ) ( 86,485 ) Total stockholders' equity 6,163,234 5,896,183 Long-

View Full Filing

View this 10-Q filing on SEC EDGAR