BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) today announced lower common equity needs for 2023. The Company now expects to issue, subject to market conditions, approximately $300 million of common stock in 2023, in addition to the equity previously raised through the company’s at the market (ATM) program. This equity is to achieve the Company’s 2023 capital investment plans and support signed acquisitions in its municipal acquisition program. The company expects to utilize the ATM for a significant portion of the approximately $300 million in new equity. This estimate supersedes the Company’s previously announced expectation to issue $500 million in equity and/or equity-linked securities in 2023.
Second Quarter 2023 Earnings Call Information
Essential Utilities Inc. (NYSE: WTRG) expects to report earnings for the quarter ended June, 30, 2023 following market close on August 7, 2023. The company’s conference call with financial analysts will take place on August 8, 2023, at 11 a.m. Eastern Daylight Time. The call and presentation will be webcast live so interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The call will be recorded and made available for replay at 2 p.m. on Aug. 8, 2023, for 10 business days following the call. To access the audio replay in the U.S., dial 866.583.1035 (pass code 3478595). International callers can find their dial in number here (pass code 3478595). In addition, the conference call will be archived in the Investor Relations section of the Company’s website for 90 days following the call.
Forward-Looking Statements and Important Information
Essential Utilities does not guarantee future results of any kind. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, including Essential common stock, in any jurisdiction.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates,” and similar expressions. The Company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the Company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, among others: the expectations for debt and equity issuance plans, including expected equity issuance in 2023 and the timing of investment and acquisition needs. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; general economic business conditions; the Company’s ability to raise additional financing; unfavorable weather conditions; changes in regulations or regulatory treatment; the Company’s ability to successfully close municipally owned systems presently under agreement and successfully complete other acquisitions and dispositions; and other factors discussed in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly, and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
About Essential
Essential Utilities, Inc. (NYSE: WTRG) delivers safe, clean, reliable services that improve quality of life for individuals, families, and entire communities. Operating under the Aqua and Peoples brands, Essential serves an estimated 5 million people across 10 states.
WTRGF