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Jun 30, 2024
Middlesex Water Q2 2024 Earnings Report
Middlesex Water's Q2 2024 earnings increased, driven by rate increases and customer growth.
Key Takeaways
Middlesex Water Company reported an increase in net income and diluted earnings per share for the second quarter of 2024. Net income increased by 6.5% to $10.5 million, and diluted earnings per share rose to $0.59, compared to the same period in 2023. The increase was primarily driven by rate increases and customer growth.
Diluted earnings per share were $0.59 for the quarter, compared to $0.55 in the same period of 2023.
Net income for the quarter increased to $10.5 million, up 6.5% from the same period in 2023.
Quarterly consolidated operating revenues were $49.1 million, an increase of $6.3 million compared to the same period in 2023.
Revenues in the Middlesex System increased $5.2 million due to approved base rate increases and increased commercial and industrial customer billings.
Forward Guidance
Middlesex Water is focused on growth and succession planning, meeting customer demand, and investing in infrastructure. A general rate case is expected to be filed in Delaware in the third quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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