Middlesex Water ( (MSEX) ) has released its Q1 earnings. Here is a breakdown of the information Middlesex Water presented to its investors.
Middlesex Water Company, established in 1897, is a leading investor-owned utility providing water and wastewater services to over half a million residents in New Jersey and Delaware, focusing on sustainable growth and infrastructure investment.
In its first quarter of 2025 earnings report, Middlesex Water Company announced a diluted earnings per share of $0.53 and highlighted the completion of its acquisition of Ocean View water utility assets in Delaware. The company also declared a $0.34 cash dividend per common share and invested $19 million in infrastructure improvements.
The company reported a net income of $9.5 million, a decrease from $10.7 million in the same quarter of 2024, primarily due to a one-time recovery of costs in the previous year. However, operating revenue increased to $44.3 million, driven by rate increases, customer growth, and higher consumption. Operating expenses rose to $32.7 million due to increased production costs and infrastructure maintenance.
Strategically, Middlesex completed the acquisition of Ocean View for $4.6 million, expanding its customer base in Delaware. The company also filed for a Distribution System Improvement Charge expected to generate additional revenue, supporting infrastructure resiliency in New Jersey.
Looking ahead, Middlesex Water Company remains committed to its growth strategy, with plans to invest approximately $93 million in infrastructure throughout 2025, aiming to enhance service reliability and customer satisfaction.