Middlesex Water Company Reports First Quarter 2025 Earnings
Rhea-AI Summary
Middlesex Water Company (NASDAQ: MSEX) reported first quarter 2025 financial results with diluted EPS of $0.53, down from $0.59 in Q1 2024. Net income was $9.5 million, compared to $10.7 million in the previous year. Operating revenue increased to $44.3 million, up $3.8 million year-over-year, driven by rate increases, higher consumption, and customer growth.
The company completed the acquisition of Ocean View water utility assets in Delaware for $4.6 million, adding approximately 900 customers. Middlesex invested $19 million in infrastructure improvements during Q1 2025 and plans to invest $93 million throughout 2025. The Board declared a quarterly dividend of $0.34 per share, marking 52 consecutive years of dividend increases.
Positive
- Operating revenue increased by $3.8 million to $44.3 million (+9.4% YoY)
- Successful acquisition of Ocean View water utility assets for $4.6 million, adding 900 customers
- Filed DSIC rate application expected to generate $1.9 million in annual revenues
- Continued 52-year streak of consecutive dividend increases
- Substantial infrastructure investment with $19 million in Q1 and $93 million planned for 2025
Negative
- Net income decreased to $9.5 million from $10.7 million YoY (-11.2%)
- Diluted EPS declined to $0.53 from $0.59 YoY (-10.2%)
- Operating expenses increased by $2.0 million to $32.7 million (+6.5%)
- Lower supplemental contract services revenue in non-regulated businesses
News Market Reaction
On the day this news was published, MSEX declined 3.87%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Diluted earnings per share (“EPS”) of
$0.53 - Completed the acquisition of Ocean View water utility assets in Delaware
- Declared
$0.34 common stock cash dividend - Invested
$19 million in water and wastewater utility infrastructure
ISELIN, N.J., May 01, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the first quarter ended March 31, 2025.
“We are excited to welcome Ocean View residents as our customers,” said Nadine Leslie, President and Chief Executive Officer of Middlesex Water Company. “With the completion of the Ocean View acquisition, we are demonstrating our focus on selective and sustainable growth and continuing our mission of delivering clean and reliable drinking water for more customers.”
First Quarter 2025 Results
Middlesex reported net income of
Operating revenue for the quarter ended March 31, 2025, was
Operating expenses for the quarter ended March 31, 2025, were
Selective and Sustainable Growth
In April 2025, Tidewater successfully completed the acquisition of the water utility assets of Ocean View for approximately
Middlesex filed a third Distribution System Improvement Charge (“DSIC”) rate application that is expected to result in
In the first quarter 2025, Middlesex invested approximately
Annual Meeting and Dividend Declared
Middlesex will hold its Annual Meeting on Tuesday, May 20, 2025, at 11:00 a.m. EDT. Shareholders may obtain instructions to access the meeting by visiting www.virtualshareholdermeeting.com/MSEX2025 and entering the 16-digit control number listed on their Notice of Internet Availability of Proxy Materials or proxy card.
On April 25, 2025, the Company’s Board of Directors declared a second 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 employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth 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,” or the negative of those words or other comparable terminology. The Company intends that these statements be covered by the safe harbors created under those laws. 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.
Media Contact:
Brian Hague, Vice President of Communications & Corporate Affairs
bhague@middlesexwater.com
(732) 638-7549
Investor Relations Contact:
Jennifer Ketschke, Director of Treasury and Investor Relations
jketschke@middlesexwater.com
(732) 638-7523
| MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Operating Revenues | $ | 44,301 | $ | 40,524 | |||
| Operating Expenses: | |||||||
| Operations and Maintenance | 21,109 | 20,465 | |||||
| Depreciation | 6,527 | 5,396 | |||||
| Other Taxes | 5,108 | 4,798 | |||||
| Total Operating Expenses | 32,744 | 30,659 | |||||
| Operating Income | 11,557 | 9,865 | |||||
| Other Income: | |||||||
| Allowance for Funds Used During Construction | 372 | 176 | |||||
| Other Income (Expense), net | 1,425 | 5,189 | |||||
| Total Other Income, net | 1,797 | 5,365 | |||||
| Interest Charges | 2,713 | 3,269 | |||||
| Income before Income Taxes | 10,641 | 11,961 | |||||
| Income Taxes | 1,162 | 1,279 | |||||
| Net Income | 9,479 | 10,682 | |||||
| Preferred Stock Dividend Requirements | 22 | 30 | |||||
| Earnings Applicable to Common Stock | $ | 9,457 | $ | 10,652 | |||
| Earnings per share of Common Stock: | |||||||
| Basic | $ | 0.53 | $ | 0.60 | |||
| Diluted | $ | 0.53 | $ | 0.59 | |||
| Average Number of Common Shares Outstanding: | |||||||
| Basic | 17,890 | 17,819 | |||||
| Diluted | 17,951 | 17,934 | |||||
FAQ
What was Middlesex Water's (MSEX) earnings per share in Q1 2025?
How much did Middlesex Water (MSEX) pay for the Ocean View acquisition?
What is Middlesex Water's (MSEX) quarterly dividend for Q2 2025?
How much does Middlesex Water (MSEX) plan to invest in infrastructure in 2025?
What was Middlesex Water's (MSEX) revenue in Q1 2025?
