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Dec 31, 2025
Middlesex Water Q4 2025 Earnings Report
Middlesex Water reported lower fourth quarter 2025 earnings compared to the prior year period.
Key Takeaways
For the fourth quarter of 2025, Middlesex Water reported net income of $8605000 and diluted EPS of $0.46, slightly below the prior year quarter, primarily due to higher interest expense and income taxes, partially offset by higher operating income.
Fourth quarter 2025 net income was $8605000 compared to $8804000 in the prior year quarter.
Diluted EPS for the quarter was $0.46 versus $0.49 last year.
Operating income increased to $11205000 from $10529000 in the prior year quarter.
Interest charges rose to $3760000, impacting overall profitability.
Forward Guidance
The company plans significant infrastructure investments over the next several years supported by approved regulatory mechanisms in New Jersey.
Positive Outlook
- Plans to invest approximately $126000000 in infrastructure in 2026.
- Expects to invest $506000000 in infrastructure from 2026 through 2028.
- NJBPU approved $14500000 increase in annual operating revenues effective February 2026.
- Authorized return on common equity set at 9.6%.
- Approval of RESIC and DSIC programs allowing recovery of up to $10700000 in qualifying capital investments.
Challenges Ahead
- Higher projected capital spending may increase financing needs.
- Exposure to regulatory approval processes for cost recovery.
- Potential for higher interest expense due to increased borrowing.
- Weather variability may continue to impact consumption levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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