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Dec 31, 2023
Middlesex Water Q4 2023 Earnings Report
Middlesex Water's financial results for the year ended December 31, 2023, were announced.
Key Takeaways
Middlesex Water Company reported a decrease in net income for the year ended December 31, 2023, to $31.5 million, compared to $42.4 million in 2022. Despite increased operating revenues, higher operation and maintenance expenses and depreciation contributed to the decline in net income. The company continued to invest in infrastructure and increased the dividend by 4.0% in the fourth quarter.
Consolidated operating revenues increased to $166.3 million for the year ended December 31, 2023, up $3.8 million from 2022.
Operation and maintenance expenses increased to $83.1 million, up $4.0 million from the same period in 2022, primarily due to higher variable production costs, chemical prices, and labor costs.
Net income for the year decreased to $31.5 million, compared to $42.4 million in 2022.
The Board of Directors increased the dividend by 4.0% in the fourth quarter of 2023, representing the 51st consecutive year of dividend increases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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