Business
Middlesex Water Announces Third Quarter 2023 Financial Results
ISELIN, N.J., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater
About this update from Middlesex Water Company
[{"type":"text","content":"ISELIN, N.J., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today announced third quarter financial results. Third Quarter ResultsRevenues for the quarter ended September 30, 2023 decreased $1.0 million to $46.7 million, compared to the same period in 2022. Middlesex System revenues decreased $0.2 million due mostly to lower customer demand partially offset by the implementation of the final phase of the 2021 New Jersey Board of Public Utilities (NJBPU)-approved base rate increase. In our Delaware System, revenues decreased $0.7 million due to lower customer demand and a 2022 Delaware Public Service Commission (DEPSC)-ordered rate reduction as a result of Tidewater Utilities exceeding its authorized return on equity. This revenue reduction was partially offset by an increase in customers. Operations and maintenance expenses for the quarter increased $2.3 million over the same period in 2022. The increase was largely related to higher purchased water, water treatment and outside service costs in our Middlesex System. Income taxes for the quarter decreased by $1.2 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 decreased $4.3 million, when compared to the same period in 2022. Diluted earnings per share were $0.56 and $0.80 for the three months ended September 30, 2023, and 2022, respectively. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “We continue to view the calendar year 2023 as a period of significant transition as we execute our succession plans, manage rate filing proceedings currently in progress and responsibly manage our resources.” Year to Date Results Revenues for the nine months ended September 30, 2023, were $127.7 million, an increase of $4.1 million over the same period in 2022. Middlesex System revenues increased $4.9 million due mostly to the implementation of the final phase of the 2021 NJBPU-approved base rate increase. In our Delaware System, revenues decreased $1.2 million due to lower new connection fees and a 2022 DEPSC-ordered rate reduction, partially offset by an increase in customer...