Essential Utilities Inc
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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Consolidated Results of Operations
Consolidated financial and operational highlights for the periods ended September 30, 2024 and 2023 are presented below.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating revenues | $435,255 | $411,255 | $1,481,730 | $1,574,405 |
| Operations and maintenance expense | $144,368 | $147,018 | $423,780 | $418,520 |
| Purchased gas | $19,095 | $16,590 | $182,498 | $314,838 |
| Net income | $69,402 | $80,076 | $410,559 | $362,778 |
| Operating Statistics | ||||
| Selected operating results as a percentage of operating revenues: | ||||
| Operations and maintenance | 33.2% | 35.7% | 28.6% | 26.6% |
| Purchased gas | 4.4% | 4.0% | 12.3% | 20.0% |
| Depreciation and amortization | 21.3% | 20.9% | 18.4% | 16.2% |
| Taxes other than income taxes | 5.5% | 5.9% | 4.8% | 4.3% |
| Interest expense, net of interest income | 17.3% | 16.4% | 14.9% | 13.2% |
| Net income | 15.9% | 19.5% | 27.7% | 23.0% |
| Effective tax rate | 18.6% | -4.9% | 1.7% | -10.9% |
Consolidated operating revenues increased by $24,000 or 5.8% as compared to the same period in 2023. Revenues from our Regulated Water and Regulated Natural Gas segments increased by $23,886 and $1,933, respectively. Revenues from our Other business segment decreased by $1,819. A detailed discussion of the factors contributing to the changes in segment revenue is included below under the section, Segment Results of Operations.
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