Middlesex Water Company reported a decrease in revenues by $1.0 million to $46.7 million for the third quarter of 2023 compared to the same period in 2022. Net income decreased by $4.3 million, with diluted earnings per share falling to $0.56 from $0.80 in Q3 2022. The revenue decline was attributed to lower customer demand and rate adjustments in the Delaware System, while increased operations and maintenance expenses also impacted profitability.
Revenues for Q3 2023 decreased by $1.0 million to $46.7 million compared to Q3 2022.
Net income for Q3 2023 decreased by $4.3 million compared to the same period in 2022.
Diluted earnings per share decreased to $0.56 for Q3 2023, compared to $0.80 for Q3 2022.
Operations and maintenance expenses increased by $2.3 million compared to Q3 2022, primarily due to higher purchased water, water treatment, and outside service costs.
Middlesex Water views 2023 as a period of significant transition, focusing on succession plans, rate filing proceedings, and resource management.
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