Business
Middlesex Water Announces Second Quarter 2023 Financial Results
Quarterly Operating Revenue up 7.9%Net Income up 11.6%Diluted Earnings Per Share up 10.0% ISELIN, N.J., July 28, 2023 (GLOBE NEWSWIRE) -- Middlesex Water
About this update from Middlesex Water Company
[{"type":"text","content":"Quarterly Operating Revenue up 7.9%Net Income up 11.6%Diluted Earnings Per Share up 10.0% ISELIN, N.J., July 28, 2023 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today announced second quarter financial results. Second Quarter ResultsRevenues for the quarter ended June 30, 2023 rose $3.1 million to $42.8 million compared to the same period in 2022. Middlesex System revenues increased $2.8 million due mostly to the implementation of the final phase of the 2021 New Jersey Board of Public Utilities (NJBPU)-approved base rate increase and higher contract customer demand. Pinelands system revenues increased $0.1 million due to implementation of a NJBPU-approved rate increase effective April 15, 2023. Non-regulated revenues increased $0.2 million primarily due to higher supplemental contract services. Operations and maintenance expenses for the quarter increased $1.6 million over the same period in 2022. The increase was largely related to variable production costs from increased customer demand and normal variability in raw water quality as well as increased labor costs. Income taxes for the quarter decreased by $1.1 million when compared to the same period in 2022, primarily due to greater income tax benefits associated with increased repair expenditures on tangible property in the Middlesex system and lower pretax income. Net income for the quarter increased $1.0 million when compared to the same period in 2022. Diluted earnings per share were $0.55 and $0.50 for the three months ended June 30, 2023, and 2022, respectively. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “The calendar year 2023 continues to be a period of significant transition as we execute our succession plans, continue investing to adapt to new regulatory requirements, manage rate filing proceedings currently in progress and responsibly manage our resources to meet customer needs during the peak summer season. We are pleased to announce our new facility to treat ground water for PFAS compounds has been constructed, is in service and is treating water that meets all state and federal standards.” Year to Date ResultsRevenues for the six months ended June 30, 2023, were $81.0 million, an increase of $5.1 million over the same period in 2022. Midd...