Essential Utilities Files Q3 2024 10-Q

TL;DR

**Essential Utilities (WTRG) Q3 10-Q filed. Water utility updates inside.**

AI Summary

Essential Utilities, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Aqua America Inc., operates in the water supply industry and is incorporated in Pennsylvania. The filing covers the third quarter of 2024 and provides financial and operational updates.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Essential Utilities, a key player in the water utility sector.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Reporting Period End (The 10-Q covers financial and operational data up to this date.)
• 2024-11-06 — 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
• PA (state) — State of incorporation
• 20240930 (date) — Reporting period end 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-20240930x10q.htm (10-Q) — 5014KB
• wtrg-20240930xex31_1.htm (EX-31.1) — 17KB
• wtrg-20240930xex31_2.htm (EX-31.2) — 17KB
• wtrg-20240930xex32_1.htm (EX-32.1) — 10KB
• wtrg-20240930xex32_2.htm (EX-32.2) — 10KB
• 0001562762-24-000258.txt ( ) — 17127KB
• wtrg-20240930.xsd (EX-101.SCH) — 59KB
• wtrg-20240930_cal.xml (EX-101.CAL) — 61KB
• wtrg-20240930_def.xml (EX-101.DEF) — 238KB
• wtrg-20240930_lab.xml (EX-101.LAB) — 439KB
• wtrg-20240930_pre.xml (EX-101.PRE) — 430KB
• wtrg-20240930x10q_htm.xml (XML) — 4350KB

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets (unaudited) – September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) – Three Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) – Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Capitalization (unaudited) - September 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Equity (unaudited) – Nine Months Ended September 30, 2024 7 Condensed Consolidated Statements of Equity (unaudited) – Nine Months Ended September 30, 202 3 8 Condensed Consolidated Statements of Cash Flow (unaudited) – Nine Months Ended September 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 44

Controls and Procedures

Item 4. Controls and Procedures 44

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 1 Table of Contents ESSENTIAL UTILITIES, INC. AND SUBSIDIARIES CONDENSED CO NS OLIDATED BALANCE SHEETS (In thousands of dollars, except per share amounts) (UNAUDITED) September 30, December 31, Assets 2024 2023 Property, plant and equipment, at cost $ 15,891,451 $ 14,977,021 Less: accumulated depreciation 3,075,589 2,879,949 Net property, plant and equipment 12,815,862 12,097,072 Current assets: Cash and cash equivalents 8,436 4,612 Accounts receivable, net 124,767 144,300 Unbilled revenues 79,095 101,436 Inventory - materials and supplies 51,216 47,494 Inventory - gas stored 54,014 65,173 Prepayments and other current assets 25,746 99,884 Regulatory assets 30,659 29,080 Total current assets 373,933 491,979 Regulatory assets 1,897,883 1,766,892 Deferred charges and other assets, net 98,996 102,388 Funds restricted for construction activity 1,412 1,381 Goodwill 2,340,719 2,340,738 Operating lease right-of-use assets 32,470 37,416 Intangible assets 3,351 3,593 Total assets $ 17,564,626 $ 16,841,459 The accompanying notes are an integral part of these 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) September 30, December 31, Liabilities and Equity 2024 2023 Stockholders' equity: Common stock at $ 0.50 par value, authorized 600,000,000 shares, issued 277,950,436 and 276,595,228 as of September 30, 2024 and December 31, 2023 $ 138,975 $ 138,297 Capital in excess of par value 4,186,048 4,137,696 Retained earnings 1,943,876 1,706,675 Treasury stock, at cost, 3,341,458 and 3,299,191 shares as of September 30, 2024 and December 31, 2023 ( 87,965 ) ( 86,485 ) Total stockholders' equity 6,180,934 5,896,18

View Full Filing

View this 10-Q filing on SEC EDGAR