$WTRG
Essential Utilities, Inc.

2024 Q3 Form 10-Q Financial Statement

#000156276224000197 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $435.3M $434.4M
YoY Change 5.84% -0.53%
Cost Of Revenue $19.10M $33.73M
YoY Change 15.1% -19.57%
Gross Profit $416.2M $400.7M
YoY Change 5.45% 1.5%
Gross Profit Margin 95.61% 92.24%
Selling, General & Admin $1.539M $2.729M
YoY Change 48.12% 39.09%
% of Gross Profit 0.37% 0.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.60M $89.58M
YoY Change 9.78% 4.57%
% of Gross Profit 22.25% 22.36%
Operating Expenses $261.1M $255.4M
YoY Change 1.48% 6.63%
Operating Profit $155.1M $145.3M
YoY Change 12.87% -6.42%
Interest Expense -$69.86M $73.05M
YoY Change -201.85% -212.74%
% of Operating Profit -45.04% 50.28%
Other Income/Expense, Net -$227.0K -$701.0K
YoY Change -115.79% -317.03%
Pretax Income $85.24M $77.25M
YoY Change 11.62% -15.12%
Income Tax $15.84M $1.864M
% Of Pretax Income 18.58% 2.41%
Net Earnings $69.40M $75.39M
YoY Change -13.33% -17.4%
Net Earnings / Revenue 15.95% 17.35%
Basic Earnings Per Share $0.25 $0.28
Diluted Earnings Per Share $0.25 $0.28
COMMON SHARES
Basic Shares Outstanding 273.7M 273.5M
Diluted Shares Outstanding 274.5M 274.0M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.436M $18.82M
YoY Change -0.81% 61.65%
Cash & Equivalents $8.436M $18.82M
Short-Term Investments
Other Short-Term Assets $135.5M $119.6M
YoY Change -2.98% -12.45%
Inventory $105.2M $84.54M
Prepaid Expenses
Receivables $124.8M $139.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $373.9M $362.7M
YoY Change -8.65% -10.81%
LONG-TERM ASSETS
Property, Plant & Equipment $12.82B $12.52B
YoY Change 8.18% 7.65%
Goodwill $2.341B $2.341B
YoY Change 0.0% 0.0%
Intangibles $3.351M $3.433M
YoY Change -8.74% -18.67%
Long-Term Investments
YoY Change
Other Assets $1.998B $1.991B
YoY Change 11.34% 15.76%
Total Long-Term Assets $17.19B $16.89B
YoY Change 7.28% 7.61%
TOTAL ASSETS
Total Short-Term Assets $373.9M $362.7M
Total Long-Term Assets $17.19B $16.89B
Total Assets $17.56B $17.25B
YoY Change 6.89% 7.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.4M $204.8M
YoY Change 20.59% 14.46%
Accrued Expenses $141.3M $143.7M
YoY Change 0.16% -20.61%
Deferred Revenue
YoY Change
Short-Term Debt $143.0M $93.27M
YoY Change 8.48% 94.13%
Long-Term Debt Due $29.22M $71.79M
YoY Change -86.64% -63.88%
Total Short-Term Liabilities $683.1M $629.2M
YoY Change -23.8% -17.77%
LONG-TERM LIABILITIES
Long-Term Debt $7.230B $7.011B
YoY Change 11.99% 5.98%
Other Long-Term Liabilities $23.86M $23.72M
YoY Change -1.92% -98.56%
Total Long-Term Liabilities $7.254B $7.035B
YoY Change 11.94% -14.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $683.1M $629.2M
Total Long-Term Liabilities $7.254B $7.035B
Total Liabilities $7.937B $7.664B
YoY Change 7.59% -26.92%
SHAREHOLDERS EQUITY
Retained Earnings $1.944B $1.964B
YoY Change 11.76% 12.81%
Common Stock $4.325B $4.288B
YoY Change 1.29% 8.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.97M $88.20M
YoY Change 1.36% 1.27%
Treasury Stock Shares
Shareholders Equity $6.181B $6.163B
YoY Change
Total Liabilities & Shareholders Equity $17.56B $17.25B
YoY Change 6.89% 7.14%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $69.40M $75.39M
YoY Change -13.33% -17.4%
Depreciation, Depletion And Amortization $92.60M $89.58M
YoY Change 9.78% 4.57%
Cash From Operating Activities $196.1M $185.7M
YoY Change 7.06% -15.51%
INVESTING ACTIVITIES
Capital Expenditures $383.6M $295.9M
YoY Change 17.36% -2.63%
Acquisitions
YoY Change
Other Investing Activities -$303.0K $242.0K
YoY Change -98.44% -100.96%
Cash From Investing Activities -$383.9M -$295.6M
YoY Change 10.86% -10.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 177.5M 93.53M
YoY Change 10.89% -7.29%
NET CHANGE
Cash From Operating Activities 196.1M 185.7M
Cash From Investing Activities -383.9M -295.6M
Cash From Financing Activities 177.5M 93.53M
Net Change In Cash -10.38M -16.38M
YoY Change 230.99% 92.56%
FREE CASH FLOW
Cash From Operating Activities $196.1M $185.7M
Capital Expenditures $383.6M $295.9M
Free Cash Flow -$187.5M -$110.2M
YoY Change 30.47% 31.02%

Facts In Submission

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163403000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
298248000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
180450000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
169455000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
145053000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
140061000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
9910000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
9112000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8778000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-31900000
us-gaap Net Income Loss
NetIncomeLoss
341157000
us-gaap Net Income Loss
NetIncomeLoss
282702000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
548868000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
547600000
CY2024Q2 us-gaap Assets
Assets
17252116000
CY2023Q4 us-gaap Assets
Assets
16841459000
CY2024Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
23052000
CY2024Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
855000
CY2019Q3 wtrg Number Of Individuals Commenced Legal Action Against Company
NumberOfIndividualsCommencedLegalActionAgainstCompany
2
CY2024Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1846000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.024
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.026
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.127
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Trd Arr Ind Name
TrdArrIndName
Christopher Luning
CY2024Q2 ecd Trd Arr Ind Title
TrdArrIndTitle
Executive Vice President & General Counsel
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2024Q2 ecd Trd Arr Termination Date
TrdArrTerminationDate
April 2, 2024
CY2024Q2 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
30000

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