Business
Middlesex Water Announces Second Quarter 2024 Results
Second Quarter 2024 Net Income was $10.5 million, as compared to $9.9 million in 2023, an increase of 6.5%.Second Quarter 2024 Revenues were $49.1 million, as
About this update from Middlesex Water Company
[{"type":"text","content":"Second Quarter 2024 Net Income was $10.5 million, as compared to $9.9 million in 2023, an increase of 6.5%.Second Quarter 2024 Revenues were $49.1 million, as compared to $42.8 million in 2023, an increase of 14.8%.Dividend of $0.325 per share of common stock payable in September 2024 ISELIN, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Results Diluted earnings per share were $0.59 for the three months ended June 30, 2024, compared to $0.55 for the same period in 2023. Net income for the quarter ended June 30, 2024, increased to $10.5 million, up 6.5% from the same period in 2023. Quarterly consolidated operating revenues were $49.1 million, an increase of $6.3 million as compared to the same period in 2023. Revenues in our Middlesex System increased $5.2 million due to the New Jersey Board of Public Utilities (“NJBPU”) approved base rate increase which took effect March 1, 2024 and increased commercial and industrial customer billings. In our Delaware system, revenues increased $0.6 million due to customer growth and higher customer demand. Operation and maintenance expenses for the second quarter of 2024 increased $0.6 million from the same period in 2023. The increase was largely related to an enhanced water treatment process at the Company’s Park Avenue Wellfield, increased labor costs, lead service line inventory compliance costs associated with our Delaware system, and outside professional support services costs. Year-to-Date Results Year-to-date net income increased $5.5 million, when compared to the same period in 2023. Diluted earnings per share were $1.18 and $0.88 for the six months ended June 30, 2024, and 2023, respectively. The majority of the increase is attributable to the implementation of the NJBPU-approved base rate increases in our Middlesex System and the one-time recovery of previously incurred depreciation, operating and carrying costs of $6.4 million associated with the prior period construction and operation of the water treatment facilities at Middlesex’s Park Avenue Wellfield. As part of the NJBPU-approved Middlesex base rate case, which included the impact of the previously disclosed PFOA lawsuit se...