Business
Middlesex Water Announces 2020 Fourth Quarter and Year End Results
ISELIN, N.J., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the
About this update from Middlesex Water Company
[{"type":"text","content":"ISELIN, N.J., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the fourth quarter and year ended December 31, 2020. HIGHLIGHTS Net Income of $38.4 million, up 13.4%.Revenue growth of 5.2% to $141.6 millionDiluted Earnings per share $2.18, up 8.5% 2020 OPERATING RESULTS Consolidated operating revenues increased to $141.6 million for the year ended December 31, 2020, up from $134.6 million in 2019. The $7.0 million increase in operating revenues is due to increased water consumption related to higher demand from residential and wholesale customers in our Middlesex system in New Jersey, customer growth in our Delaware water systems and a new contract to operate and maintain the Highland Park, New Jersey water and wastewater systems. Operation and maintenance expenses for the year ended December 31, 2020 increased $2.8 million from the same period in 2019. Increased water consumption pushed production expenses higher and weather-related changes in raw water quality prompted higher treatment costs. Other contributing factors were increased retirement benefit plan expenses as well as higher bad debt expense due to the expected financial impact of COVID-19 on some of our customers. Income Tax benefits for 2020 increased overall by $1.0 million from the same period in 2019, primarily due to the benefits associated with deductible repair expenditures on tangible property in the Middlesex system. This increased benefit was partially offset by higher pre-tax income. Net income for the year increased $4.5 million to $38.4 million, compared to $33.9 million in 2019. Earnings applicable to common stock for the year ended December 31, 2020 were $38.3 million, or $2.18 per share on a fully diluted basis, compared to $33.8 million or $2.01 per diluted share for the same period in 2019. “Despite challenging circumstances in 2020, our team’s operational preparedness and execution enabled us to remain on track meeting the needs of our employees, customers and communities, while delivering incredible progress against our capital construction program goals and also driving shareholder value,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll. “We look to the future with optimism as we make great strides in continuing to preserve and...