Essential Utilities (WTRG) Q1 FY2024 earnings: revenue $612 million, down 15.7% on the year

Essential Utilities, Inc. (WTRG) reported revenue of $612 million for Q1 FY2024, the quarter ended 31 March 2024, down 15.7% on the same quarter a year earlier. Net income was $266 million, up 38.8% on the year, and diluted earnings per share $0.97. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$612 milliondown 15.7%

Net income$266 millionup 38.8%

Diluted EPS$0.97

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	612	479	n/a	n/a
Operating income	231	174	n/a	n/a
Operating margin	37.7%	36.3%	n/a
Interest expense	73.3	72.9	n/a	n/a
Pre-tax income	255	105	n/a	n/a
Income tax	-10.6	-30.8	n/a	n/a
Effective tax rate	-4.2%	-29.5%	n/a
Net income	266	135	n/a	n/a
Net margin	43.4%	28.3%	n/a
Diluted EPS	$0.97	$0.50	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	241	129	n/a	n/a
Cash from investing	-86.5	-303	n/a	n/a
Cash from financing	-124	170	n/a	n/a
Depreciation and amortisation	89.8	88.2	n/a	n/a
Share-based compensation	1.1	2.4	n/a	n/a
Buybacks	2.2	0.0	n/a	n/a
Dividends paid	83.9	83.9	n/a	n/a
Dividend per share	$0.31	$0.71	n/a	n/a
Diluted shares, weighted	274m	274m	n/a	n/a
Shares outstanding at period end	274m	273m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	6,081	5,896	n/a	n/a
Debt	6,856	6,826	n/a	n/a
Operating lease liabilities	32.4	34.4	n/a	n/a
Other liabilities	4,085	4,085	n/a	n/a
Total liabilities and equity	17,054	16,841	n/a	n/a
Fixed assets	12,256	12,097	n/a	n/a
Goodwill	2,341	2,341	n/a	n/a
Intangible assets	3.5	3.6	n/a	n/a
Cash and equivalents	35.2	4.6	n/a	n/a
Receivables	165	144	n/a	n/a
Other assets	2,255	2,251	n/a	n/a
Total assets	17,054	16,841	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	411	479	612	434	435	604	784	515	477	699	862	531
Operating income	137	174	231	145	155	227	339	185	170	227	311	193
Operating margin	33%	36%	38%	33%	36%	37%	43%	36%	36%	32%	36%	36%
Interest expense	68.6	72.9	73.3	73.0	76.8	79.3	82.1	79.8	82.3	84.9	87.3	89.1
Pre-tax income	76.4	105	255	77.2	85.2	156	263	112	96.4	148	231	109
Tax rate	-5%	-29%	-4%	2%	19%	-19%	-8%	4%	4%	10%	3%	3%
Net income	80.1	135	266	75.4	69.4	185	284	108	92.1	133	224	106
Net margin	19%	28%	43%	17%	16%	31%	36%	21%	19%	19%	26%	20%
Diluted EPS	$0.30	$0.50	$0.97	$0.28	$0.25	$0.67	$1.03	$0.38	$0.33	$0.47	$0.79	$0.37
Operating cash flow	183	129	241	186	196	148	300	272	233	206	265	324
Buybacks	0.0	0.0	2.2	0.0	0.0	1.8	2.2	0.0	0.0	0.0	2.9	0.0
Dividends paid	81.2	83.9	83.9	84.0	89.1	89.4	89.5	91.2	96.2	96.9	97.0	97.2
Shares outstanding	273m	273m	274m	274m	275m	275m	280m	280m	283m	283m	284m	284m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001562762-24-000128: the filing on EDGAR. All of Essential Utilities, Inc.'s filings: EDGAR company page.

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