Middlesex Water Company reported first quarter results with a rise in operating revenues but a decrease in net income and diluted earnings per share compared to the same period in 2022. The decrease in net income was primarily due to a gain on the sale of a subsidiary in the first quarter of 2022. Operating revenues increased due to rate increases and higher contract customer demand.
Consolidated operating revenues increased by $2.0 million to $38.2 million compared to the same period in 2022.
Revenues in the Middlesex System increased by $2.2 million due to rate increases and higher customer demand.
Net income for the quarter decreased by $6.2 million compared to the same period in 2022, which included a $5.2 million pre-tax gain.
Diluted earnings per share were $0.33, compared to $0.68 for the three months ended March 31, 2022.
The company faces challenges including rising interest costs, inflation, supply chain issues, and increased regulation, but benefits from strong regulatory compacts.
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