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Mar 31, 2021
Middlesex Water Q1 2021 Earnings Report
Middlesex Water reported a decrease in net income and earnings per share for Q1 2021, while operating revenues increased due to higher customer demand and non-regulated revenues. The company continued its capital improvement projects and expects to file a request for increased rates.
Key Takeaways
Middlesex Water Company reported a decrease in net income for the quarter ended March 31, 2021. Diluted earnings per share were $0.39, compared to $0.44 for the same period in 2020. Operating revenues rose 2.4% to $32.5 million compared to the same period in 2020.
Operating revenues increased by 2.4% to $32.5 million due to higher customer demand and non-regulated revenues.
Operation and maintenance expenses increased due to higher weather-related main break activity and increased labor costs.
Net income decreased compared to the same period in 2020.
Diluted earnings per share decreased to $0.39 from $0.44 in the same period last year.
Forward Guidance
Middlesex expects to file a request for increased rates in the second quarter with the New Jersey Board of Public Utilities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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