Middlesex Water Company Reports Strong Third Quarter 2024 Financial Results

Middlesex Water Company (NASDAQ:MSEX) has released its financial results for the third quarter of 2024, showcasing a notable increase in earnings and revenues. The company, a trusted provider of water and wastewater services, announced a diluted earnings per share of $0.80 for the quarter, reflecting a substantial 42.9% increase compared to the previous year.

Operating Results for the Third Quarter:
– Diluted earnings per share were $0.80, up from $0.56 for the same period in 2023.
– Net income for the quarter reached $14.3 million, showing a $4.3 million increase from the previous year.
– Revenues for the quarter rose to $55.1 million, up by $8.4 million from the same period in 2023.
– Operating expenses saw an increase of $2.8 million, primarily due to various factors including legal, financial, and regulatory matters, enhanced water treatment processes, increased labor costs, and higher energy and chemical expenses stemming from elevated water demand.

Year to Date Operating Results:
– Net income for the nine months ended September 30, 2024, was $35.5 million, marking a significant increase over the same period in 2023.
– Revenues for the nine months totaled $144.8 million, reflecting a $17.1 million increase from the previous year.
– Operating expenses for the nine months rose by $3.6 million, primarily due to similar factors affecting the quarterly results.

Middlesex Water President and CEO Nadine Leslie expressed satisfaction with the company’s financial performance, emphasizing their commitment to operational excellence, providing reliable service, and collaborating with regulators to recover infrastructure investments. Additionally, the company increased its common dividend for the 52nd consecutive year by 4.62%.

Rate Activity:
– In New Jersey, Middlesex filed for a Distribution System Improvement Charge (DSIC) rate application aimed at generating $1.1 million in annual revenues.
– In Delaware, Tidewater Utilities sought a rate increase, with an interim rate implemented to yield around $2.5 million in annual revenues.

Dividend Increase:
– Middlesex Water declared a quarterly cash dividend of $0.34 per common share, reflecting a 4.62% increase over the previous dividend amount.

Established in 1897, Middlesex Water Company operates as a reputable provider of water and wastewater services, serving residential, commercial, industrial, and fire protection purposes. The company and its subsidiaries collectively cater to half a million individuals in New Jersey and Delaware, focusing on delivering high-quality utility services.

The press release also included vital information regarding financial details and statements from Middlesex Water Company’s executive team. Investors are advised that forward-looking statements contained in the release may be subject to change based on future performance and events.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Middlesex Water’s 8K filing here.

Middlesex Water Company Profile

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.