WTRG - Essential Utilities Q3 sales +43%; updates 2020 outlook

Essential Utilities ([[WTRG]] +2.3%) reports Q3 revenues of $348.6, +43.1% Y/Y. The natural gas utility acquired in Q1 contributed $92.1M of this revenue growth, as well as due to increased volume, growth and rate and surcharge increases in the regulated water segment.Posted lower net income of $55.7M, compared to $88.5M a year ago.In October, the company’s regulated water segment subsidiary, Aqua Illinois, closed its acquisition of the Rockwell Utilities water and wastewater system, adding ~$5.15M in rate base. In the first nine months of 2020, customer growth for the company’s water utilities has totaled 1.5% including organic growth.The company updated it 2020 annual guidance and refines adjusted EPS to the top end of the $1.53 to $1.58 range.Expects regulated water and natural gas segment rate base compounded growth rate of 6% to 7% and 8% to 10%, respectively through 2022

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Essential Utilities Q3 sales +43%; updates 2020 outlook