Middlesex Water Reports Strong Q3 Earnings Growth

Middlesex Water ( (MSEX) ) has released its Q3 earnings. Here is a breakdown of the information Middlesex Water presented to its investors.

Middlesex Water Company is a provider of water and wastewater services, operating primarily in New Jersey and Delaware, serving a population of half a million people with a focus on reliable and resilient utility services.

In its third quarter 2024 earnings report, Middlesex Water Company reported significant financial growth, marked by a 42.9% increase in diluted earnings per share to $0.80, and a 4.62% rise in common dividend. The company continues to emphasize its commitment to operational excellence and infrastructure investment.

Key financial metrics highlighted in the report include a notable increase in net income to $14.3 million, up by $4.3 million from the previous year. This was driven by an $8.4 million rise in revenues, attributed largely to NJBPU-approved base rate hikes and increased customer demand. Additionally, operations and maintenance expenses rose by $2.8 million, reflecting enhanced water treatment processes and higher labor and energy costs.

For the year to date, Middlesex reported a $9.8 million increase in net income, reaching $35.5 million. The revenue boost was primarily due to base rate adjustments and growing customer demand, alongside a significant one-time recovery of previously incurred costs. Operations and maintenance expenses increased, underscoring the company’s ongoing investments in its infrastructure.

Looking ahead, Middlesex Water Company maintains a positive outlook, focusing on regulatory collaborations to recover infrastructure investments and continuing to provide reliable services to its customers. The company also announced a 4.62% increase in its common dividend, maintaining its long-standing tradition of rewarding shareholders.