Essential Utilities Inc. reported net income of $595.3 million, or $2.17 per share, for the full year 2024, an increase of 17% from $1.86 per share in 2023. Fourth-quarter 2024 net income was $184.8 million, or $0.67 per share, up 34% from $0.50 per share in Q4 2023. Full year revenues increased 1.6% to $2,086.1 million.
The company reaffirmed its 2025 EPS guidance range of $2.07 to $2.11 and its multi-year EPS growth target of 5-7% CAGR through 2027, based on a 2024 non-GAAP EPS of $1.97. This guidance excludes the DELCORA acquisition. Essential plans to invest $1.4 to $1.5 billion in 2025 and approximately $7.8 billion from 2025 through 2029 in infrastructure.
Essential Utilities invested $1.3 billion in 2024, including PFAS mitigation at 13 sites and a pilot of 30,000 solid-state gas meters. The Pennsylvania PUC approved Aqua Pennsylvania's rate case settlement, raising rates by $73.0 million effective February 22, 2025, and previously approved Peoples Natural Gas's rate case.
The company closed the Greenville wastewater system acquisition for $18 million on January 31, 2025, adding 2,300 customers. Essential has six signed purchase agreements totaling $344.0 million for over 210,000 equivalent customers, excluding DELCORA, and a pipeline of 400,000 potential municipal acquisitions.
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