Middlesex Water Company reported a rise in net income to $10.7 million for the first quarter of 2024, up from $5.9 million in the same period of 2023. The increase is mainly due to the recovery of operating and carrying costs associated with the prior period construction and operation of water treatment facilities. Quarterly consolidated operating revenues also increased by $2.4 million to $40.5 million compared to the same period in 2023.
Diluted earnings per share were $0.59 for the quarter, compared to $0.33 in 2023.
Net income for the quarter rose to $10.7 million from $5.9 million in the same period of 2023.
Consolidated operating revenues increased $2.4 million to $40.5 million compared to the same period in 2023.
A New Jersey rate filing, which took effect March 1 in the Middlesex system, provides for recovery of investments made to ensure water services meet state and federal regulations.
Middlesex Water continues to focus on infrastructure investments, growth, training, and technology to improve service quality and reliability, protect the safety of employees and customers, enhance efficiencies, and deliver to shareholders' expectations.
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