Middlesex Water (NASDAQ: MSEX) posts Q1 2026 EPS of $0.57 and boosts revenue
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Middlesex Water Company reported higher results for the quarter ended March 31, 2026, driven by stronger demand and rate increases in its regulated systems. Net income was $10.6 million and diluted EPS was $0.57, up from $9.5 million and $0.53 a year earlier.
Operating revenues rose to $48.7 million from $44.3 million, mainly from increased wholesale demand, customer consumption and base rate increases in the Middlesex System, and higher usage, customer growth and rates in the Tidewater System. Operating expenses increased to $35.6 million, reflecting higher production costs, wages and headcount.
The company invested about $21 million in water and wastewater infrastructure during the quarter, roughly 17% of its planned $126 million 2026 program. The Board declared a second-quarter cash dividend of $0.36 per common share, payable June 1, 2026, to shareholders of record on May 15, 2026.
Positive
- None.
Negative
- None.
Insights
Middlesex posts steady Q1 growth with continued capex and dividend support.
Middlesex Water Company delivered modest year-over-year earnings growth in Q1 2026, with net income at $10.6M and diluted EPS at $0.57. Revenue increased to $48.7M, helped by higher demand and base rate increases across the Middlesex and Tidewater systems.
Operating expenses rose to $35.6M, largely from higher production volumes, labor and headcount, partly offset by more costs being capitalized. This pattern is typical for expanding regulated utilities, where added investment and demand also raise the cost base.
The company invested about $21M in infrastructure in the three months ended March 31, 2026, around 17% of its planned $126M 2026 capital program, and declared a $0.36 quarterly dividend. Subsequent company filings may provide additional detail on regulatory outcomes and the pacing of its 2026 investment plan.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Operating Revenues: $48.7 million
Operating Revenues Prior Year: $44.3 million
Net Income: $10.6 million
+5 more
8 metrics
Operating Revenues
$48.7 million
Three months ended March 31, 2026
Operating Revenues Prior Year
$44.3 million
Three months ended March 31, 2025
Net Income
$10.6 million
Three months ended March 31, 2026
Diluted EPS
$0.57
Common stock, Q1 2026
Infrastructure Investment
$21 million
Capex during three months ended March 31, 2026
2026 Planned Capital Program
$126 million
Planned annual water and wastewater investment
Quarterly Dividend
$0.36 per share
Second quarter cash dividend on common stock
Total Operating Expenses
$35.6 million
Three months ended March 31, 2026
Key Terms
Operating revenues, Allowance for Funds Used During Construction, Diluted earnings per share, Operating expenses, +1 more
5 terms
Operating revenues financial
"Operating revenues for the quarter ended March 31, 2026, were $48.7 million"
Allowance for Funds Used During Construction financial
"Allowance for Funds Used During Construction | 633 | | | 372"
Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.
Operating expenses financial
"Operating expenses for the quarter ended March 31, 2026, were $35.6 million"
Operating expenses are the routine costs a company pays to keep its business running day to day — things like salaries, rent, utilities, office supplies, and marketing. Investors watch them because they reduce the profit available to shareholders and reveal how efficiently a company runs; lower or well-controlled operating expenses (relative to revenue) are like trimming household bills to improve savings.
Non-regulated and other operating revenues financial
"Non-regulated and other operating revenues increased $0.2 million"
Earnings Snapshot
Operating Revenues: $48.7 million
First quarter 2026
Operating Revenues
$48.7 million
Net Income
$10.6 million
Diluted EPS
$0.57
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 30, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, Middlesex Water Company announced its financial results for the quarter ended March 31, 2026. A copy of the press release announcing these results is attached hereto as Exhibit 99.1 and incorporated into this Form 8-K by reference.
The information in Item 2.02, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(c)Exhibits
| Exhibit Number | Description of Document | ||||
| 99.1 | Press Release issued by Middlesex Water Company dated April 30, 2026 reporting First Quarter 2026 Earnings | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.
| MIDDLESEX WATER COMPANY | |||||
| (Registrant) | |||||
| /s/ Mohammed G. Zerhouni | |||||
| Sr. Vice President, Chief Financial Officer | |||||
| and Treasurer | |||||
Dated: April 30, 2026
2
Middlesex Water Company Reports First Quarter 2026 Earnings
•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 -- 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 $10.6 million and diluted EPS of $0.57, compared to net income of $9.5 million and diluted EPS of $0.53 for the same quarter in 2025.
Operating revenues for the quarter ended March 31, 2026, were $48.7 million, an increase of $4.4 million, compared to $44.3 million for the same quarter last year. Operating revenues increased $3.4 million in the Middlesex System due to increased wholesale demand, customer consumption and base rate increases and $0.8 million in the Tidewater System primarily attributable to increased customer consumption, customer growth and rate increases. Non-regulated and other operating revenues increased $0.2 million, primarily due to higher supplemental contract services.
Operating expenses for the quarter ended March 31, 2026, were $35.6 million, an increase of approximately $2.9 million, compared to $32.7 million for the same quarter last year. The increase is primarily driven by increased variable production costs from higher production resulting from increased customer demand, higher labor cost due to wage and employee headcount increases partially offset by higher capitalizable costs.
Selective and Sustainable Growth
Middlesex invested approximately $21 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the three months ended March 31, 2026, or approximately 17% of its planned 2026 annual investment of $126 million.
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 $0.36 per common share. Dividends on common shares will be paid on June 1, 2026, to shareholders of record as of May 15, 2026. Middlesex has paid cash dividends each year since 1912 and has increased the dividends received by shareholders each calendar year for 53 consecutive years.
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 | |||||||||
FAQ
How did Middlesex Water (MSEX) perform in the first quarter of 2026?
Middlesex Water reported higher first-quarter 2026 results, with net income of $10.6 million and diluted EPS of $0.57. Revenue rose to $48.7 million, reflecting stronger demand, base rate increases, and customer growth across its Middlesex and Tidewater systems.
What were Middlesex Water’s Q1 2026 revenues and how did they change year over year?
Operating revenues in Q1 2026 were $48.7 million, up from $44.3 million in Q1 2025. Growth was driven mainly by increased wholesale demand and customer consumption in the Middlesex System and higher usage, customer growth, and rate increases in the Tidewater System.
How much did Middlesex Water invest in infrastructure during Q1 2026?
The company invested approximately $21 million in water and wastewater utility infrastructure during the three months ended March 31, 2026. This represents about 17% of its planned 2026 annual capital program of $126 million focused on upgrades, replacements, and resiliency improvements.
What dividend did Middlesex Water declare in connection with its Q1 2026 results?
The Board declared a second quarter cash dividend of $0.36 per common share. This dividend will be paid on June 1, 2026, to shareholders of record as of May 15, 2026, continuing the company’s long history of annual cash dividend payments.
How did Middlesex Water’s operating expenses change in Q1 2026?
Operating expenses increased to $35.6 million in Q1 2026 from $32.7 million a year earlier. The rise was primarily due to higher variable production costs from increased demand, along with higher labor costs from wage increases and additional headcount, partly offset by more capitalizable costs.