Essential Declares 7% Dividend Increase
July 02 2021 - 10:22AM
Business Wire
The board of directors of Essential Utilities Inc. (NYSE: WTRG)
today declared a quarterly cash dividend of $0.2682 per share,
payable Sept. 1, 2021 to all shareholders of record on Aug. 13,
2021.
The Sept. 2021 dividend will represent a 7% increase compared to
the $0.2507 cash dividend the company paid in June of this year.
This marks the 31st dividend increase in the past 30 years, and the
company has paid a consecutive quarterly cash dividend for more
than 75 years. Following the increase, the annualized dividend rate
will be $1.0728 per share. The company’s targeted dividend payout
ratio continues to be 60 to 65% of net income.
“We are proud of our commitment to providing safe and reliable
access to natural resources while continuing our long history of
paying consistent and growing dividends,” said Essential Chairman
and CEO Christopher Franklin. “Our focus on operational excellence,
investment in infrastructure, protecting the environment, serving
our customers and delivering value to our shareholders is evidenced
by this increase, which marks 30 consecutive years of dividend
growth.”
About Essential
Essential is one of the largest publicly traded water,
wastewater and natural gas providers in the U.S., serving
approximately 5 million people across 10 states under the Aqua and
Peoples brands. Essential is committed to excellence in proactive
infrastructure investment, regulatory expertise, operational
efficiency and environmental stewardship. The company recognizes
the importance water and natural gas play in everyday life and is
proud to deliver safe, reliable services that contribute to the
quality of life in the communities it serves. For more information,
visit http://www.essential.co.
Forward-looking statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others: the company’s long-term targeted payout
ratio. 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, the spread of the COVID-19 virus resulting in business
disruptions, the continuation of the company's
growth-through-acquisition program; the company’s continued ability
to adapt itself for the future and build value by fully optimizing
company assets; general economic business conditions; the company’s
ability to fund needed infrastructure; housing and customer growth
trends; unfavorable weather conditions; the success of certain
cost-containment initiatives; changes in regulations or regulatory
treatment; availability and access to capital; the cost of capital;
disruptions in the credit markets; the success of growth
initiatives; the company’s ability to successfully close
municipally owned systems presently under agreement; the company’s
ability to continue to deliver strong results; the company’s
ability to continue to pay its dividend, add shareholder value and
grow earnings; municipalities’ willingness to privatize their water
and/or wastewater utilities; the company’s ability to control
expenses and create and maintain efficiencies; the company’s
ability to acquire municipally owned water and wastewater systems
listed in its “pipeline”; and other factors discussed in our Annual
Report on Form 10-K and our 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.
WTRGF
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version on businesswire.com: https://www.businesswire.com/news/home/20210702005277/en/
Brian Dingerdissen Essential Utilities Inc. Investor Relations
O: 610.645.1191 BJDingerdissen@Essential.co
Erin O’Donnell Communications O: 412.266.2446
Media@Essential.co
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