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Essential . UTILITIES Essential Utilities Reports Financial Results for Q3 2021 November 1 , 2021 $ 468 Million in signed municipal acquisition agreements Announces first Pittsburgh area municipal wastewater acquisition Reaffirms 2021 earnings per share guidance of $ 1.64 to $ 1.69 BRYN MAWR , Pa .-- ( BUSINESS WIRE ) -- Nov . 1 , 2021-- Essential Utilities Inc. ( NYSE : WTRG ) ( " Essential " ) , today reported results for the third quarter ended Sept. 30 , 2021 . Operating Results Essential reported net income of $ 50.5 million for the third quarter of 2021 , compared to $ 55.7 million reported for the same quarter in 2020. Earnings per share were $ 0.19 for the quarter . Increased rates and surcharges and third quarter 2020 rate credits were offset by operations and maintenance expense and decreased volume in both the regulated water segment and the regulated gas segment . Essential's revenues for the quarter were $ 361.9 million , an increase of 3.8 % compared to $ 348.6 million in the third quarter of 2020. Recovery of higher purchased gas costs , rates and surcharges , third quarter 2020 rate credits , and customer growth from the regulated water segment were the largest contributors to the increase in revenues for the quarter . Operations and maintenance expenses increased to $ 139.4 million for the third quarter of 2021 compared to $ 136.2 million in the third quarter of 2020. The increase in operations and maintenance expenses was primarily a result of employee - related costs . Essential's regulated water segment reported revenues for the quarter of $ 259.9 million , an increase of 1.6 % compared to $ 255.7 million in the third quarter of 2020. Rates and surcharges and customer growth were the largest contributors to the increase in revenues for the period . Lower water consumption in Pennsylvania , Ohio , Texas , and New Jersey partially offset these increases , due in part to the voluntary customer conservation efforts related to operational impacts from Hurricane Ida . Operations and maintenance expenses for Essential's regulated water segment increased from $ 79.3 million for the third quarter of 2020 to $ 86.9 million this year , including additional repair and maintenance expenses stemming from the company's response to Hurricane Ida . Essential's regulated natural gas segment reported revenues for the quarter of $ 94.8 million , compared to $ 88.9 million in the third quarter of 2020 . Purchased gas costs were $ 20.4 million for the quarter as compared to $ 14.8 million for the same quarter in 2020. As a result , the recovery of higher purchased gas costs were the largest driver in the increase of revenues . Operations and maintenance expenses for the same period for Essential's regulated natural gas segment decreased to $ 54.0 million , from $ 59.6 million in the third quarter of 2020 . As of Sept. 30 , 2021 , Essential reported year - to - date net income of $ 315.1 million or $ 1.23 per share ( GAAP ) compared to $ 182.1 million or $ 0.71 per share ( GAAP ) reported through the same period of 2020. Year - over - year comparisons were impacted by the Peoples transaction , which closed on March 16 , 2020. For the fiscal year 2020 , the results of Peoples have been included in our consolidated financial statements as of the closing date . Results for the first nine months of 2021 include the full nine months of operating results of Peoples , which comprises the company's regulated natural gas segment . For the first three quarters of 2020 , adjusted income and adjusted income per share ( both non - GAAP financial measures ) excluded Peoples - related transaction expenses and third - quarter 2020 rate credits . Adjusting for those items , Essential's adjusted income in the first nine months of 2020 was $ 206.0 million ( non - GAAP ) , or $ 0.81 per share ( non - GAAP ) . When compared to the adjusted income in the first nine months of 2020 , earnings on a per - share basis in the first nine months of 2021 increased 51.9 % . Please refer to the reconciliation of GAAP to non - GAAP financial measures later in this press release for additional information on Essential's use of non - GAAP financial measures as a supplement to its GAAP results . For the first nine months of 2021 , the company reported revenues of $ 1.3 billion , an increase of 35.8 % compared to $ 988.7 million in the first nine months of 2020. Operations and maintenance expenses for the first nine months of 2021 were $ 391.9 million compared to $ 371.4 million in 2020 . " We are pleased with the company's financial performance , which remains solidly on track for 5 to 7 % annual earnings growth . We remain on pace for another year of strong municipal acquisition growth , including the recently announced $ 41.25 million Beaver Falls acquisition in the Pittsburgh , Pennsylvania area , while continuing to execute our nearly $ 1 billion infrastructure capital plan and maintaining operational excellence for our customers , " said Essential Chairman and CEO Christopher Franklin . " Our ability to execute allows us to play an important role in solving our nation's infrastructure challenges and supports our mission of delivering safe and reliable natural resources . We were also pleased to be recognized for our recently published ESG report with multiple awards , while also being celebrated again as a Champion of Board Diversity by The Forum of Executive Women . " Dividend On Oct. 27 , 2021 , Essential's board of directors declared a quarterly cash dividend of $ 0.2682 per share of common stock . This dividend will be payable on Dec. 1 , 2021 to shareholders of record on Nov. 12 , 2021. Essential has paid a consecutive quarterly cash dividend for 76 years . Financing In August 2020 , Essential announced an offering of 6.7 million shares of common stock via a forward equity sale agreement . The company fully settled the transaction on Aug. 9 , 2021. The company received $ 299.7 million in proceeds at settlement , which is net of expenses for interest and dividends