Middlesex Water Company reported an increase in operating revenue by 7.9% and net income by 11.6% for the second quarter of 2023. Revenues rose by $3.1 million to $42.8 million, and diluted earnings per share increased to $0.55 from $0.50 in the same period last year.
Operating revenue increased by 7.9% due to rate increases and higher customer demand.
Net income increased by 11.6% compared to the same quarter last year.
Diluted earnings per share rose from $0.50 to $0.55.
New facility to treat ground water for PFAS compounds has been constructed and is in service.
Middlesex Water is in a period of significant transition, executing succession plans, investing to adapt to new regulatory requirements, managing rate filing proceedings, and managing resources to meet customer needs during the peak summer season.
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