Welcome to our dedicated page for Essential Utilities news (Ticker: WTRG), a resource for investors and traders seeking the latest updates and insights on Essential Utilities stock.
News about Essential Utilities, Inc. (NYSE: WTRG) focuses on its activities as a regulated water, wastewater and natural gas utility and on developments that affect its customers, investors and communities. The company’s releases highlight operational updates across its Aqua and Peoples brands, financial results, regulatory milestones and major capital projects.
Investors following WTRG news will see regular coverage of quarterly earnings announcements, dividend declarations and financing activities such as senior note issuances. These updates provide insight into Essential’s financial performance, infrastructure investment levels and capital structure as it pursues long-term utility projects.
Operational news often centers on infrastructure upgrades and water quality initiatives. Aqua Pennsylvania has reported multiple PFAS treatment projects supported by PENNVEST funding, as well as new treatment systems designed to meet state and federal drinking water standards. Aqua Indiana has announced major wastewater treatment plant expansions intended to increase capacity, protect local waterways and support regional growth.
Essential also issues news on strategic initiatives and partnerships, including its agreement to invest in a large data center project in Greene County, Pennsylvania, where Aqua will design and operate a water treatment plant and Peoples will provide natural gas-related services. Another key news theme is corporate transactions, such as the announced all-stock merger agreement with American Water Works Company, Inc., which would make Essential a wholly owned subsidiary of American Water if completed.
Community-focused stories describe the work of the Essential Foundation, United Way campaigns and the Fall for Food Banks initiative, documenting millions of dollars in donations and extensive employee volunteer hours dedicated to hunger relief and other local causes. For a comprehensive view of WTRG, readers can use this news feed to track financial updates, infrastructure projects, regulatory developments, community engagement and the progress of the planned merger with American Water.
Essential Utilities has appointed Jim Barbato as the new vice president of financial planning and analysis from his previous role as vice president of corporate engineering. He will report to the CFO and oversee financial planning functions, including budgeting, forecasting, and capital budgeting. Barbato has been with the company since 2007, holding various engineering roles across several states. His extensive experience in capital planning and engineering makes him well-suited for this strategic position. CFO Dan Schuller emphasized the importance of investment in infrastructure for the company's mission.
Essential Utilities Inc. (NYSE: WTRG) announced the acquisition of East Whiteland Township's municipal wastewater assets in Chester County for approximately $55 million. This system serves around 8,200 customer-equivalents and includes 57 miles of collection mains and 12 pump stations. The acquisition enhances Essential's wastewater services and builds on its existing water service credibility in the area. Over the next decade, Essential plans to invest $17 million in infrastructure improvements, including major sewer extensions. This marks the second acquisition by Essential in 2022.
Essential Utilities has appointed Whitney Kellett as Vice President and Chief Information Officer to spearhead a $143 million service improvement project, following the retirement of Ruth DeLost-Wylie. This initiative, which began in 2020, will advance under Kellett’s guidance. Additionally, she will transition to Chief Administrative Officer later in 2023. Kellett, a seasoned IT executive with extensive experience across various sectors, has been integral to enhancing the company's IT capabilities since she joined in 2016.
Essential Utilities has promoted Dave Kralle to Chief of Staff, a position created by CEO Christopher Franklin in 2015 to enhance organizational communication and decision-making. Kralle, who joined Aqua Pennsylvania in 2015, has a strong background in government affairs, having led legislation on utility operations and secured funding for PFAS treatment. This strategic appointment aims to integrate the company's vision and core values more effectively across its operations, reflecting an increased emphasis on personnel management.
Essential Utilities Inc. (NYSE: WTRG) reported a net income of $82.3 million in Q2 2022, up from $80.9 million in Q2 2021. Earnings per share (EPS) were $0.31, slightly down from $0.32 year-over-year. Revenues increased by 13.0% to $448.8 million, driven by higher rates and customer growth in its regulated water and natural gas segments. The board declared a 7% increase in the quarterly dividend, marking the 32nd increase in 31 years. The company reaffirmed its guidance of $1.75 to $1.80 EPS for 2022, projecting 5-7% long-term growth through 2024.
Essential Utilities has appointed Brian Dingerdissen as vice president, investor relations and treasurer, succeeding Stan Szczygiel. Dingerdissen, who has been with the company since 2005, will continue to oversee investor relations and lead the company’s ESG program. Under his leadership as head of investor relations since 2008, the company's market cap increased from $2B to over $13B. He played a key role in the successful $2 billion secondary public equity offering in 2019 for the acquisition of Peoples.
The board of directors of Essential Utilities (NYSE: WTRG) declared a quarterly cash dividend of $0.2870 per share, payable on Sept. 1, 2022 to shareholders of record on Aug. 12, 2022. This dividend marks a 7% increase from the $0.2682 dividend paid in June and is the 32nd increase in 31 years, reflecting the company's strong commitment to shareholder returns.
The annualized dividend rate will be $1.1480 per share, maintaining a payout ratio of 60-65% of net income.
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Aqua Illinois, a subsidiary of Essential Utilities (NYSE: WTRG), has appointed David Carter as the new state president. With over 15 years of expertise in water and wastewater management, including roles at Suez Environment and Veolia Water North America, Carter aims to enhance service for 273,000 customers across Illinois. He replaces Bob Ervin, who moves to Aqua Indiana. Carter's leadership is anticipated to boost operational efficiency and strategic growth within the company.
Essential Utilities Inc. (NYSE: WTRG) announced the promotion of Brian Gresehover to vice president of engineering for Aqua, its water subsidiary. With 17 years of experience in engineering design and planning, he will manage Aqua's engineering department, focusing on hydraulic modeling and asset management. Gresehover oversaw a $150 million annual capital budget during his previous role. Aqua president Colleen Arnold emphasized the need for dedicated engineering leadership as the company continues to replace over 100 miles of water mains annually, enhancing operational reliability.