Middlesex Water Company Reports 2024 Financial Results
Rhea-AI Summary
Middlesex Water Company (NASDAQ: MSEX) reported strong financial results for 2024, with net income reaching $44.4 million and diluted EPS of $2.47, up from $31.5 million and $1.76 EPS in 2023. Revenues increased to $191.9 million, a $25.6 million rise from 2023.
The company invested $75 million in infrastructure improvements during 2024 and plans to invest $387 million from 2025 through 2027, including $105 million for PFAS treatment installation. Key growth drivers included base rate increases, weather-driven customer demand, and operational improvements across all utility systems.
The company announced the acquisition of Ocean View water utility assets in Delaware for $4.6 million, adding approximately 900 customers. Additionally, Middlesex declared a quarterly dividend of $0.34 per share, marking its 52nd consecutive year of dividend increases.
Positive
- Net income increased 40.6% to $44.4M in 2024
- EPS grew 40.3% to $2.47
- Revenue rose 15.4% to $191.9M
- $4.6M acquisition adding 900 new customers
- 52 consecutive years of dividend increases
- Base rate increase approved in March 2024
- $6.0M recovery of previously incurred costs
Negative
- Operations and maintenance expenses increased 11.2% to $92.4M
- Higher energy costs due to increased water demand
- Significant PFAS treatment investment required ($105M)
News Market Reaction
On the day this news was published, MSEX gained 15.76%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Diluted earnings per share (“EPS”) of
$2.47 for 2024, compared to 2023 earnings of$1.76 - Invested
$75 million in capital expenditures in 2024 to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure - Utility infrastructure investment of
$387 million planned from 2025 through 2027
ISELIN, N.J., Feb. 28, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the fourth quarter and year end 2024. Middlesex reported net income of
"Our strong 2024 performance underscores the strength of our growth strategy, the dedication of our team members, a constructive regulatory environment, and the trust we have earned from our stakeholders,” said Nadine Leslie, President and Chief Executive Officer of Middlesex Water Company. “We are excited to build on this momentum to position the company for long-term growth while delivering life-sustaining water utility service at affordable rates to our customers.”
2024 Operating Results
Middlesex reported net income for 2024 of
Revenues for 2024 were
Operations and maintenance expenses for 2024, were
Fourth Quarter 2024 Operating Results
Middlesex reported net income of
Infrastructure Investments
In 2024, Middlesex invested
In 2025, the Company plans to invest approximately
Selective and Sustainable Growth
In February 2025, the Delaware Public Service Commission approved the application of Tidewater to purchase the water utility assets of Ocean View for approximately
Quarterly Dividend Declared
On January 28, 2025, the Company’s Board of Directors declared a first quarter cash dividend of
About Middlesex Water Company
Middlesex Water Company (NASDAQ: MSEX) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on operational excellence, superior customer experience, investment in infrastructure, selective and sustainable growth, and employee engagement to deliver value to our customers, investors, and the communities we serve.
Forward-Looking Statements
This press release contains “forward‐looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “MSEX” or the “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements reflect the Company’s current views and information currently available. This information is based on estimates, assumptions, and analysis that the Company believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward‐looking statements can generally be identified by the use of forward‐looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees.” Actual results, performance or achievements may differ materially from forward‐looking statements, and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward‐looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Jennifer Ketschke, Director, Treasury and Investor Relations
jketschke@middlesexwater.com
(732) 638-7523
Media Contact:
Brian Hague, Vice President of Communications & Corporate Affairs
bhague@middlesexwater.com
(732) 638-7549
| MIDDLESEX WATER COMPANY | ||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Years Ended December 31, | Quarters Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating Revenues | $ | 191,877 | $ | 166,274 | $ | 47,107 | $ | 38,602 | ||||||
| Operating Expenses: | ||||||||||||||
| Operations and Maintenance | 92,363 | 83,113 | 24,714 | 19,071 | ||||||||||
| Depreciation | 24,430 | 25,194 | 6,420 | 6,648 | ||||||||||
| Other Taxes | 21,874 | 18,744 | 5,444 | 4,640 | ||||||||||
| Total Operating Expenses | 138,667 | 127,051 | 36,578 | 30,359 | ||||||||||
| Operating Income | 53,210 | 39,223 | 10,529 | 8,243 | ||||||||||
| Other Income: | ||||||||||||||
| Allowance for Funds Used During Construction | 1,254 | 2,433 | 467 | 272 | ||||||||||
| Other Income, net | 10,815 | 4,053 | 1,613 | 929 | ||||||||||
| Total Other Income, net | 12,069 | 6,485 | 2,080 | 1,201 | ||||||||||
| Interest Charges | 14,023 | 13,143 | 3,302 | 3,779 | ||||||||||
| Income before Income Taxes | 51,256 | 32,565 | 9,307 | 5,665 | ||||||||||
| Income Taxes | 6,905 | 1,041 | 503 | (102 | ) | |||||||||
| Net Income | 44,351 | 31,524 | 8,804 | 5,767 | ||||||||||
| Preferred Stock Dividend Requirements | 112 | 120 | 23 | 30 | ||||||||||
| Earnings Applicable to Common Stock | $ | 44,239 | $ | 31,404 | $ | 8,781 | $ | 5,737 | ||||||
| Earnings per share of Common Stock: | ||||||||||||||
| Basic | $ | 2.48 | $ | 1.77 | $ | 0.49 | $ | 0.32 | ||||||
| Diluted | $ | 2.47 | $ | 1.76 | $ | 0.49 | $ | 0.32 | ||||||
| Average Number of | ||||||||||||||
| Common Shares Outstanding : | ||||||||||||||
| Basic | 17,842 | 17,732 | 17,881 | 17,803 | ||||||||||
| Diluted | 17,946 | 17,847 | 17,954 | 17,917 | ||||||||||
FAQ
What was Middlesex Water Company's (MSEX) earnings per share for 2024?
How much infrastructure investment is MSEX planning for 2025-2027?
What is the latest quarterly dividend announced by MSEX for 2025?
What acquisition did MSEX announce in Delaware for 2025?
How much revenue did Middlesex Water Company generate in 2024?
