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Sep 30, 2025
Middlesex Water Q3 2025 Earnings Report
Middlesex Water Company reported its third quarter 2025 earnings, with a decrease in net income and diluted EPS compared to the previous year, primarily due to lower consumption partially offset by rate increases and customer growth.
Key Takeaways
Middlesex Water Company experienced a slight decline in net income and diluted EPS in Q3 2025, reporting $14.0 million and $0.77 respectively, down from $14.3 million and $0.80 in Q3 2024. Operating revenues decreased by $1.0 million to $54.1 million, mainly due to lower consumption from unfavorable weather, while operating expenses also decreased by $1.2 million to $36.4 million. The company declared a quarterly cash dividend of $0.36 per common share, a 5.88% increase, and continued its infrastructure investment program.
Net income for Q3 2025 was $14.0 million, a decrease from $14.3 million in Q3 2024.
Diluted EPS for Q3 2025 was $0.77, down from $0.80 in Q3 2024.
Operating revenues for Q3 2025 were $54.1 million, a $1.0 million decrease from Q3 2024, primarily due to lower consumption.
The company declared a quarterly cash dividend of $0.36 per common share, marking its 53rd consecutive year of dividend increases.
Forward Guidance
Middlesex Water Company is focused on selective and sustainable growth, including strategic acquisitions and continued infrastructure investment, while navigating challenges from weather-driven consumption fluctuations.
Positive Outlook
- Execution of an asset purchase agreement to acquire Pinewood Acres water utility assets in Delaware, aligning with the MWC2030 strategy.
- Continued investment in water and wastewater utility infrastructure, with $72 million invested during the first nine months of 2025.
- Filing of a fourth Distribution System Improvement Charge (DSIC) rate application in New Jersey, expected to generate $0.9 million in annual revenues.
- Declaration of a 5.88% increase in the quarterly cash dividend, marking the 53rd consecutive year of dividend increases.
- Focus on operational excellence, safety, and water quality to a broader customer base through strategic growth.
Challenges Ahead
- Lower consumption driven by unfavorable weather partially offset rate increases and customer growth.
- Higher variable production costs due to weather-driven lower water quality.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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