Middlesex Water Company Reports First Quarter 2026 Earnings
Rhea-AI Summary
Middlesex Water Company (NASDAQ: MSEX) reported Q1 2026 net income $10.6M and diluted EPS $0.57, versus $9.5M and $0.53 in Q1 2025. Operating revenue was $48.7M, up $4.4M year-over-year. The company invested $21M in utility infrastructure (≈17% of its $126M 2026 plan) and declared a $0.36 per-share quarterly cash dividend payable June 1, 2026.
Annual meeting is scheduled May 19, 2026. The company noted higher operating expenses driven by increased production and labor costs, partly offset by capitalizable costs.
Positive
- Net income of $10.6 million in Q1 2026
- Diluted EPS of $0.57 for Q1 2026
- Operating revenue increased to $48.7 million
- Invested $21 million in utility infrastructure (17% of 2026 plan)
- Declared $0.36 quarterly cash dividend payable June 1, 2026
Negative
- Operating expenses rose by approximately $2.9 million in Q1 2026
- Higher variable production and labor costs increased cost base
News Market Reaction – MSEX
In the May 1 session, MSEX gained 0.10%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 31 | Q3 2025 earnings | Positive | -13.1% | Strong Q3 2025 results, higher EPS and dividend, infrastructure investment. |
| Jul 31 | Q2 2025 earnings | Neutral | +1.5% | Slight EPS increase, revenue growth, but softer year-to-date earnings. |
| May 01 | Q1 2025 earnings | Negative | -3.9% | EPS and net income down year-over-year despite higher operating revenue. |
| Feb 28 | 2024 annual results | Positive | +15.8% | Strong 2024 net income and EPS growth with higher revenues and capex. |
| Oct 31 | Q3 2024 earnings | Positive | +6.7% | Robust Q3 2024 EPS and revenue growth, plus a higher quarterly dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have usually seen price moves align with the news tone, with only one notable negative divergence on Q3 2025 results.
Recent news for Middlesex Water highlights steady earnings delivery and ongoing infrastructure investment. Prior earnings releases showed rising net income, EPS, and revenues, alongside sizeable capital plans and consistent dividend growth, including a quarterly dividend of $0.36. The company has also pursued rate increases and selective acquisitions in Delaware. Today’s Q1 2026 update, with higher net income, EPS, and operating revenues versus Q1 2025, fits into this pattern of regulated growth and sustained capital deployment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Diluted earnings per share (“EPS”) of
$0.57 - Invested
$21 million in water and wastewater utility infrastructure during the three months ended March 31, 2026 - Declared
$0.36 common stock cash dividend
ISELIN, N.J., April 30, 2026 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the first quarter ended March 31, 2026.
“Our first-quarter results reflect disciplined execution across our operations, capital program, and regulatory strategy,” said Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company. “We remain focused on delivering reliable service, investing strategically for long-term growth, and advancing our MWC 2030 Vision. This performance underscores the strength of our fundamentals and the dedication of our employees in driving consistent operational and financial outcomes.”
First Quarter 2026 Results
Middlesex reported net income of
Operating revenues for the quarter ended March 31, 2026, were
Operating expenses for the quarter ended March 31, 2026, were
Selective and Sustainable Growth
Middlesex invested approximately
Annual Meeting and Dividend Declared
Middlesex will hold its Annual Meeting on Tuesday, May 19, 2026, at 11:00 a.m. EDT. Shareholders may obtain instructions to access the meeting by visiting www.virtualshareholdermeeting.com/MSEX2026 and entering the 16-digit control number listed on their Notice of Internet Availability of Proxy Materials or proxy card.
As previously announced on April 24, 2026, the Company’s Board of Directors declared a second quarter cash dividend of
About Middlesex Water Company
Middlesex Water Company (“Middlesex”) 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 “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:
Summer DeFEO, Director of Communications
sdefeo@middlesexwater.com
(732) 638-7510
Investor Relations Contact:
Jennifer Ketschke, Director, Investor Relations and Treasury
InvestorRelations@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, | |||||
| 2026 | 2025 | ||||
| Operating Revenues | $ | 48,714 | $ | 44,301 | |
| Operating Expenses: | |||||
| Operations and Maintenance | 23,012 | 21,109 | |||
| Depreciation | 7,036 | 6,527 | |||
| Other Taxes | 5,564 | 5,108 | |||
| Total Operating Expenses | 35,612 | 32,744 | |||
| Operating Income | 13,102 | 11,557 | |||
| Other Income: | |||||
| Allowance for Funds Used During Construction | 633 | 372 | |||
| Other Income, net | 1,369 | 1,425 | |||
| Total Other Income, net | 2,002 | 1,797 | |||
| Interest Charges | 3,214 | 2,713 | |||
| Income before Income Taxes | 11,890 | 10,641 | |||
| Income Taxes | 1,285 | 1,162 | |||
| Net Income | 10,605 | 9,479 | |||
| Preferred Stock Dividend Requirements | 18 | 22 | |||
| Earnings Applicable to Common Stock | $ | 10,587 | $ | 9,457 | |
| Earnings per share of Common Stock: | |||||
| Basic | $ | 0.57 | $ | 0.53 | |
| Diluted | $ | 0.57 | $ | 0.53 | |
| Average Number of | |||||
| Common Shares Outstanding: | |||||
| Basic | 18,545 | 17,890 | |||
| Diluted | 18,575 | 17,951 | |||
