Business
Middlesex Water Company Reports Second Quarter 2025 Earnings
Diluted earnings per share (“EPS”) of $0.60Invested $51 million in water and wastewater utility infrastructure during the first half of 2025, or approximately
About this update from Middlesex Water Company
[{"type":"text","content":"Diluted earnings per share (“EPS”) of $0.60Invested $51 million in water and wastewater utility infrastructure during the first half of 2025, or approximately 55% of the 2025 capital budgetConstructive outcome of the general base rate case in DelawareDeclared $0.34 common stock cash dividend ISELIN, N.J., July 31, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the second quarter ended June 30, 2025. “We appreciate the dedication and commitment of the Delaware Public Service Commission Staff and the Public Advocate during a comprehensive review process of our general rate case,” said Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company. “The constructive outcome of the general rate case in Delaware supports our selective and sustainable growth pillar and the ability to continue making prudent investments in our Tidewater System to provide safe and reliable water utility service to our customers and the communities we serve at affordable rates.” Second Quarter 2025 Results Middlesex reported net income of $10.8 million and diluted EPS of $0.60, compared to net income of $10.5 million and diluted EPS of $0.59 for the same quarter in 2025. The increase is attributable to rate increases, customer growth, and higher income tax benefits associated with increased capital investment deduction on tangible property, offset by lower consumption driven by unfavorable weather. Operating revenues for the quarter ended June 30, 2025, were $49.3 million, up $0.2 million, compared to $49.1 million for the same quarter last year. The increase is attributable to rate increases and customer growth, offset by lower consumption driven by unfavorable weather. Operating expenses for the quarter ended June 30, 2025, were $35.4 million, up approximately $1.6 million, compared to $33.8 million for the same quarter last year. The increase is primarily driven by higher variable production costs from weather-driven lower water quality, higher labor cost due to wage and employee headcount increases and higher depreciation. Year-to-Date Results Net income for the six months ended June 30, 2025, was $20.3 million, a $1.0 million decrease when compared to the same period in 2024. Diluted earnings per share were $1.13 and $1.18 for the six months...