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Mar 31, 2024
Middlesex Water Q1 2024 Earnings Report
Reported earnings per share of $0.59 for the first quarter of 2024, compared to $0.33 for the same period in 2023.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- Focus on infrastructure investments.
- Commitment to growth.
- Emphasis on training.
- Leveraging technology to improve service quality and reliability.
- Prioritizing the safety of employees and customers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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