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Mar 31, 2025
Middlesex Water Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Middlesex Water Company reported net income of $9.5 million and diluted EPS of $0.53 for the first quarter of 2025. This represents a decrease from $10.7 million net income and $0.59 diluted EPS in the prior year quarter, primarily due to a one-time recovery in Q1 2024, partially offset by revenue growth from rate increases, customer growth, and increased consumption. Operating revenue for the quarter was $44.3 million.
Diluted earnings per share was $0.53 for the quarter.
Completed the acquisition of Ocean View water utility assets in Delaware.
Declared a $0.34 common stock cash dividend.
Invested $19 million in water and wastewater utility infrastructure during the quarter.
Forward Guidance
Middlesex Water Company is focusing on selective growth through acquisitions, such as the recently completed Ocean View acquisition. The company has also filed a Distribution System Improvement Charge (DSIC) application expected to add $1.9 million in annual revenue starting in June 2025. They plan significant infrastructure investment in 2025, totaling approximately $93 million.
Positive Outlook
- Completion of the Ocean View acquisition expands the customer base in Delaware.
- Third DSIC rate application is expected to add $1.9 million in annual revenues starting June 2025.
- Continued investment in infrastructure supports system resiliency and reliability.
- Planned capital investment for 2025 is approximately $93 million.
- Company has a long history of paying and increasing cash dividends.
Challenges Ahead
- Net income and EPS decreased compared to the prior year due to the absence of a one-time recovery in Q1 2024.
- Operating expenses increased in Q1 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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