Middlesex Water ( (MSEX) ) has released its Q4 earnings. Here is a breakdown of the information Middlesex Water presented to its investors.
Middlesex Water Company is a leading investor-owned utility providing essential water and wastewater services to over half a million residents in New Jersey and Delaware. In its latest earnings report, Middlesex Water Company announced a significant increase in its financial performance for 2024, with net income rising to $44.4 million and diluted earnings per share (EPS) reaching $2.47, compared to $31.5 million and $1.76 in 2023, respectively. This growth is attributed to strategic investments and favorable regulatory conditions.
The company’s revenue for 2024 was $191.9 million, a notable increase from the previous year, driven by a base rate increase approved by the New Jersey Board of Public Utilities and heightened customer demand due to weather conditions. Middlesex also reported increased revenues in its Delaware operations and non-regulated services. Operating expenses rose to $92.4 million, reflecting higher costs in legal, financial, and regulatory matters, as well as increased labor and energy expenses.
Middlesex invested $75 million in 2024 to enhance its infrastructure, with plans to invest an additional $93 million in 2025. The company is also set to acquire water utility assets in Delaware, expanding its customer base. Additionally, Middlesex declared a quarterly dividend, continuing its long-standing tradition of rewarding shareholders.
Looking ahead, Middlesex Water Company remains committed to its growth strategy, focusing on infrastructure improvements and customer service excellence. The company aims to sustain its financial momentum while ensuring the delivery of reliable and affordable water services.