Business
Middlesex Water Announces 2022 Year End Results
ISELIN, N.J., Feb. 24, 2023 (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. 24, 2023 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the year ended December 31, 2022. 2022 OPERATING RESULTS Consolidated operating revenues increased to $162.4 million for the year ended December 31, 2022, up $19.3 million from 2021. The increase in operating revenues was primarily due to: $21.6 million increase in the Middlesex System in New Jersey due to a January 1, 2022 base rate increase and higher weather driven demand across all customer classes in New Jersey; and$0.9 million increase related to customer growth in our Delaware system, Tidewater Utilities, Inc., partially offset by a 6% rate reduction effective September 1, 2022. Operation and maintenance expenses for the year ended December 31, 2022 increased to $79.1 million, an increase of $5.4 million from the same period in 2021, primarily due to increased labor and employee benefits costs, higher variable production costs due to increased demand, weather-driven changes in water quality and higher chemical prices, as well as higher weather-related main break activity in our Middlesex system. Income Taxes for the year ended December 31, 2022 increased $8.7 million from the same period in 2021 due to income taxes on the gain of the sale of a subsidiary and the expiration of amortized income tax benefits associated with the adoption of Internal Revenue Service tangible property regulations. Net income for the year increased $5.9 million to $42.4 million, compared to $36.5 million in 2021. Earnings applicable to common stock for the year ended December 31, 2022 were $42.3 million, or $2.39 per share on a fully diluted basis, compared to $36.4 million or $2.07 per diluted share for the same period in 2021. “As we complete our 125th year of service, we remain focused on continuously enhancing drinking water quality and protecting public health through a variety of infrastructure investments. These capital intensive initiatives include continued construction progress to upgrade treatment to comply with new regulatory requirements at our New Jersey wellfield facility, our ongoing RENEW Program to replace water mains, service lines and fire hydrants and our Lead Service Line Replacement initiative,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Dol...