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Jun 30, 2025
Middlesex Water Q2 2025 Earnings Report
Middlesex Water Company reported its second quarter 2025 earnings, with an increase in net income and diluted EPS compared to the same period last year, driven by rate increases and customer growth.
Key Takeaways
Middlesex Water Company delivered a solid second quarter in 2025, with net income rising to $10.8 million and diluted EPS reaching $0.60. This growth was primarily fueled by rate increases and an expanding customer base, although partially offset by lower consumption due to unfavorable weather and higher operating expenses.
Diluted earnings per share increased to $0.60, up from $0.59 in the prior year's quarter.
Net income for the quarter rose to $10.8 million, compared to $10.5 million in the second quarter of 2024.
Operating revenues for the quarter were $49.3 million, a slight increase from $49.1 million in the same period last year.
The company invested $51 million in water and wastewater utility infrastructure during the first half of 2025, representing approximately 55% of its planned annual capital budget.
Forward Guidance
Middlesex Water Company anticipates continued growth and investment, supported by recent rate case outcomes and ongoing infrastructure programs. The company is focused on recovering prudently incurred investments and enhancing service reliability.
Positive Outlook
- Constructive outcome of the general base rate case in Delaware, supporting selective and sustainable growth.
- Approval of a $5.5 million increase in annual operating revenues in Delaware, effective July 3, 2025.
- New Jersey regulated utilities filed a joint petition requesting a $24.9 million increase in annual base revenues to recover approximately $100 million of prudently incurred investments.
- New Jersey regulated utilities filed a Distribution System Improvement Charge (DSIC) and Resiliency and Environmental System Improvement Charge (RESIC) Foundational Filing for the three-year period ending October 2028.
- The combined DSIC and RESIC programs in New Jersey allow for semi-annual surcharge filings to recover qualifying capital investments up to $11.4 million or 7.5% of total annual revenues.
Challenges Ahead
- Lower consumption driven by unfavorable weather has impacted revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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