Loading...
•
Jun 30, 2022
Middlesex Water Q2 2022 Earnings Report
Middlesex Water reported a decrease in net income and earnings per share for Q2 2022, while operating revenues increased due to rate increases in the New Jersey system.
Key Takeaways
Middlesex Water Company reported an increase in operating revenues for the second quarter of 2022, but net income and earnings per share decreased compared to the same period in 2021. The revenue increase was primarily due to a base rate increase in the New Jersey system, while the decrease in net income was attributed to higher operation and maintenance expenses and increased income taxes.
Operating revenues increased by $3.0 million to $39.7 million compared to Q2 2021.
Revenues in the Middlesex System in New Jersey increased $4.4 million due to a base rate increase.
Net income decreased by $2.1 million to $8.9 million compared to the same period in 2021.
Diluted earnings per share were $0.50, compared to $0.62 for the same period in 2021.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...