Essential Utilities backs FY25 EPS view $2.07-$2.11, consensus $2.13

Since the company’s 2024 earnings per share was $2.17 on a GAAP basis, anticipated growth in long-term earnings per share at a compounded annual growth rate of 5 to 7% from the adjusted 2024 earnings per share of $1.97 (Non-GAAP) for the three-year period through 2027. In 2025, regulated infrastructure investments are expected to be $1.4 to $1.5 billion. Through 2029, we plan to make regulated infrastructure investments of approximately $7.8 billion. Through 2029, the regulated water segment rate base is expected to grow at a compounded annual growth rate of approximately 6%; this only includes acquisitions scheduled to close in 2025 and excludes DELCORA. Through 2029, the regulated natural gas segment rate base is expected to grow at a compounded annual growth rate of approximately 11%. Through 2029, the combined regulated utility rate base is expected to grow at a compounded annual growth rate of over 8%. The regulated water customer base (or equivalent dwelling units) of the business is expected to grow at an average annual growth rate of between 2 and 3% from acquisitions and organic customer growth over the long term. The regulated natural gas customer base of the business is expected to be stable for 2025. Through 2027, the company expects to raise equity via its ATM program. In 2025, the company expects to raise a total of approximately $350 million in equity, including $25 million to finance its recently announced data center investment. To date, in 2025, the company has issued approximately $300 million of equity using its ATM.