Essential Utilities Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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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
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Regulated Water Segment
Our Regulated Water segment is comprised of eight operating segments representing its water and wastewater regulated utility companies which are organized by the states where the Company provides water and wastewater services. The Regulated Water segment is aggregated into one reportable segment.
The following tables present selected operating results and statistics for our Regulated Water segment for the periods ended March 31, 2024 and 2023:
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | Increase (Decrease) | % change | |
| Operating revenues | $279,894 | $267,300 | $12,594 | 4.7% |
| Operations and maintenance expense | $90,683 | $82,802 | $7,881 | 9.5% |
| Segment net income | $63,905 | $77,402 | $(13,497) | -17.4% |
| Operating Statistics | ||||
| Selected operating results as a percentage of operating revenues: | ||||
| Operations and maintenance | 32.4% | 31.0% | ||
| Depreciation and amortization | 20.4% | 20.0% | ||
| Taxes other than income taxes | 5.8% | 5.9% | ||
| Interest expense, net of interest income | 12.4% | 11.1% | ||
| Segment net income | 22.8% | 29.0% | ||
| Effective tax rate | 24.6% | 14.9% | ||
Revenues from our Regulated Water segment increased by $12,594 or 4.7% for the first quarter of 2024 as compared to the same period in 2023, mainly due to the following:
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