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Jun 30, 2023
Middlesex Water Q2 2023 Earnings Report
Middlesex Water's financial performance improved with revenue and net income increases.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- Executing succession plans
- Investing to adapt to new regulatory requirements
- Managing rate filing proceedings
- Responsibly managing resources to meet customer needs during peak summer season
- New facility to treat ground water for PFAS compounds has been constructed
Historical Earnings Impact
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Avg. Return Before/After Earnings
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