Business
Middlesex Water Announces Third Quarter Financial Results
ISELIN, N.J., Oct. 29, 2021 (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., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported third quarter diluted earnings per share of $0.65, as compared to $0.72 per share for the same period in 2020. Net income decreased $1.3 million to $11.5 million. Third Quarter ResultsThe Company reported that its consolidated operating revenues of $39.9 million for the three months ended September 30, 2021, were comparable to the three months ended September 30, 2020. Revenues were affected by: $0.8 million increase related to customer growth in our Delaware systems;$0.5 million decrease in the Middlesex System in New Jersey due to decreased weather-related demand from retail and wholesale customers; and$0.3 million decrease due primarily to lower non-regulated contract activities. Operation and maintenance expenses for the three months ended September 30, 2021 increased $1.0 million from the same period in 2020. This was primarily due to increased labor costs, increased production costs resulting from higher treatment costs from weather-impacted changes and outside services costs prompted by higher regulatory and corporate activity, including compliance with America’s Water Infrastructure Act of 2018. Depreciation expense for the three months ended September 30, 2021 increased $0.8 million from the same period in 2020 due to a higher level of utility plant in service, including the completion of a major upgrade to our largest treatment plant in New Jersey. “Separate from variations in weather patterns affecting revenues and related water production costs, we continue to experience positive organic growth and execute on our large capital program. The program includes recently completed major upgrades in our water distribution system as well as completion of a new ozone treatment facility at our largest water treatment plant in New Jersey. Our significant investments in utility infrastructure under the banner of Water For Tomorrow® have placed us at the end of our traditional ratemaking cycle, which facilitated a need to seek rate relief in New Jersey where that proceeding remains in progress. We are pleased that completion of these major projects is already providing value to customers and will also provide value for generations to come,” said Middlesex ...