Essential Utilities Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Results of Operations
Consolidated financial and operational highlights for the periods ended March 31, 2024 and 2023 are presented below.
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | Increase (Decrease) | % change | |
| Operating revenues | $612,069 | $726,450 | $(114,381) | -15.7% |
| Operations and maintenance expense | $136,900 | $137,994 | $(1,094) | -0.8% |
| Purchased gas | $129,675 | $256,315 | $(126,640) | -49.4% |
| Net income | $265,772 | $191,434 | $74,338 | 38.8% |
| Operating Statistics | ||||
| Selected operating results as a percentage of operating revenues: | ||||
| Operations and maintenance | 22.4% | 19.0% | ||
| Purchased gas | 21.2% | 35.3% | ||
| Depreciation and amortization | 14.7% | 11.5% | ||
| Taxes other than income taxes | 4.1% | 3.1% | ||
| Interest expense, net of interest income | 11.8% | 9.9% | ||
| Net income | 43.4% | 26.4% | ||
| Effective tax rate | -4.2% | -19.8% | ||
Consolidated operating revenues decreased by $114,381 or 15.7% as compared to the same period in 2023. Revenues from our Regulated Water segment increased by $12,594. Revenues from our Regulated Natural Gas segment and Other business segment decreased by $116,964 and $10,011, respectively. A detailed discussion of the factors contributing to the changes in segment revenue is included below under the section, Segment Results of Operations. The decrease in our Other business segment revenue is due to lower revenues from our non-regulated natural gas operations primarily as a result of lower average gas prices and lower gas usage in the current period as compared to the prior period.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.