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Mar 31, 2022
Middlesex Water Q1 2022 Earnings Report
Middlesex Water reported an increase in revenue and net income for Q1 2022, driven by a rate increase and the sale of a wastewater subsidiary.
Key Takeaways
Middlesex Water Company reported an increase in first quarter revenue to $36.2 million and net income increased by $5.2 million compared to the same period in 2021. Diluted earnings per share were $0.68 for the quarter ended March 31, 2022.
Consolidated operating revenues increased by $3.7 million to $36.2 million compared to Q1 2021.
Revenues in the Middlesex System increased by $3.8 million due to a rate increase.
Delaware system revenues increased by $0.7 million due to customer growth.
Net income for the quarter increased by $5.2 million compared to the same period in 2021.
Forward Guidance
Middlesex Water's forward guidance was not explicitly provided in the document. Therefore, a detailed summary, positives, and negatives cannot be generated.
Historical Earnings Impact
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