Loading...
•
Dec 31, 2024
Middlesex Water Q4 2024 Earnings Report
Middlesex Water Company reported its financial results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Middlesex Water Company reported a significant increase in net income and diluted EPS for the fourth quarter of 2024, driven by a base rate increase in the Middlesex System, increased weather-driven customer demand, and new interim rates in Tidewater.
Net income for Q4 2024 increased to $8.8 million from $5.8 million in Q4 2023.
Diluted EPS for Q4 2024 rose to $0.49 from $0.32 in Q4 2023.
Operating revenues for Q4 2024 increased to $47.1 million from $38.6 million in Q4 2023.
The company invested $75 million in infrastructure in 2024 and plans to invest $93 million in 2025.
Forward Guidance
Middlesex Water Company is positioned for long-term growth, with significant planned infrastructure investments and a recent acquisition in Delaware.
Positive Outlook
- Planned investment of $93 million in infrastructure in 2025, including the RENEW program.
- Anticipated investment of $387 million in infrastructure from 2025 through 2027, including $105 million for PFAS treatment.
- Delaware Public Service Commission approved Tidewater's acquisition of Ocean View water utility assets for approximately $4.6 million.
- The Ocean View acquisition is expected to close by April 2025, adding approximately 900 customers.
- The company has increased dividends for 52 consecutive years, demonstrating consistent shareholder returns.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...