Welcome to our dedicated page for Middlesex Water Co news (Ticker: MSEX), a resource for investors and traders seeking the latest updates and insights on Middlesex Water Co stock.
Middlesex Water Company (NASDAQ: MSEX) is a prominent provider of regulated and non-regulated water and wastewater utility services in New Jersey, Delaware, and Pennsylvania. Established in 1897, the company has grown to serve nearly half a million people, offering essential services that enhance the quality of life and support economic development in the regions it operates.
The company's core business involves the collection, treatment, distribution, and sale of water for domestic, commercial, municipal, industrial, and fire protection purposes. Operating through two segments—Regulated and Non-Regulated—Middlesex Water derives most of its revenue from the Regulated segment, which serves residential, commercial, industrial, and fire protection consumers. The Non-Regulated segment focuses on contract services for private water and wastewater system operations, providing a comprehensive suite of solutions to smaller system owners, developers, and municipalities.
Middlesex Water’s commitment to innovation is evident in its turnkey renewable energy services. These services align with the company's broader mission to balance the needs of its employees, customers, and shareholders while investing in infrastructure and communities. Financially, Middlesex Water has shown resilience and adaptability. For instance, revenues for the quarter ended June 30, 2023, rose by $3.1 million to $42.8 million, driven by a New Jersey Board of Public Utilities (NJBPU)-approved base rate increase and higher customer demand.
The company has also undertaken significant projects, such as the construction of a new facility to treat groundwater for PFAS compounds, ensuring compliance with stringent state and federal standards. Another notable effort is their $9.7 million project to upgrade Woodbridge, New Jersey’s drinking water infrastructure, part of their ongoing RENEW initiative.
In terms of leadership, Middlesex Water has recently welcomed Nadine Leslie as the new President and CEO. With over 25 years of experience in the water industry, Leslie brings a wealth of knowledge and a fresh perspective to the company.
For investors, Middlesex Water offers stability and growth. The company has paid cash dividends continuously since 1912 and has increased its annual dividend rate for fifty-one consecutive years. As an investor-owned public utility, Middlesex Water is dedicated to maintaining high standards of service quality, reliability, and compliance with regulatory requirements.
To learn more about Middlesex Water Company and its services, visit https://www.middlesexwater.com.
Middlesex Water Company (Nasdaq:MSEX) announced the retirement of G. Christian Andreasen, Jr., Vice President of Enterprise Engineering, effective January 31, 2025, after 42 years with the company. Andreasen, who joined in 1982, played a important role in the company's expansion in New Jersey and Delaware, overseeing major capital improvements including the ozone treatment plant upgrade, transmission main projects, and the Park Avenue plant upgrade. As Vice President of Enterprise Engineering since 2019, he was responsible for engineering services, asset management, and capital improvement activities.
Middlesex Water Company (Nasdaq:MSEX) has appointed Gregory Sorensen as Vice President and Chief Operating Officer, effective December 16, 2024. Sorensen, formerly President of West Region at Liberty Utilities, brings extensive utility experience managing operations across the U.S. and Chile. In his previous role, he led 800 professionals serving 440,000 customers with regulated utility revenue exceeding $400 million. In his new position, Sorensen will oversee operational performance, engineering functions, capital program planning, water and wastewater operations, safety, environmental compliance, and sustainability initiatives.
Middlesex Water Company (NASDAQ:MSEX) reported strong Q3 2024 financial results with diluted earnings per share of $0.80, up 42.9% year-over-year. Net income reached $14.3 million, increasing by $4.3 million compared to 2023. Quarterly revenues grew by $8.4 million to $55.1 million, driven by NJBPU-approved base rate increases and increased customer demand. The company increased its quarterly dividend by 4.62% to $0.34 per share. Operations and maintenance expenses rose by $2.8 million due to increased legal costs, enhanced water treatment processes, and higher labor and energy costs.
Middlesex Water Company (NASDAQ: MSEX) has announced a 4.62% increase in its quarterly cash dividend to $0.34 per share from $0.325, raising the annual dividend rate to $1.36 from $1.30. This marks the company's 52nd consecutive year of dividend increases. The dividend is payable on December 2, 2024, to shareholders of record as of November 15, 2024. The company, which provides regulated and unregulated water and wastewater utility services in New Jersey and Delaware, has maintained continuous dividend payments since 1912.
Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, has announced plans to release its financial results for the third quarter ended September 30, 2024. The company will disclose these results on October 31, 2024, after the market closes. Investors and interested parties will be able to access the press release and the company's 10-Q filing in the Investors section of the Middlesex Water Company website. This announcement provides shareholders and potential investors with a specific date to anticipate the company's latest financial performance data.
Middlesex Water Company (Nasdaq:MSEX) has announced the retirement of Bernadette M. Sohler, Vice President of Corporate Affairs, effective December 31, 2024. Sohler, who joined the company in 1994, has been a key member of the executive leadership team since 2007. Her 30-year career at Middlesex included overseeing corporate communications, branding initiatives, digital media, community engagement, investor and media relations, and sustainability reporting.
As part of the company's succession planning and organizational realignment, Jennifer Ketschke has been hired as investor relations director, reporting to CFO Rally Zerhouni. Summer DeFeo, Director of Communications, will continue to support other corporate affairs activities.
Middlesex Water Company (NASDAQ:MSEX) has been named a finalist in Ragan's PR Daily Awards, a prestigious recognition platform for the communications industry. The company is being recognized in the Video: Single Use category for its employee onboarding video, which introduces new employees to the company's culture, mission, vision, values, and commitment to service and safety.
Bernadette Sohler, Vice President of Corporate Affairs at Middlesex Water, highlighted that the video was a strategic collaboration between Communications and Human Resources. The goal was to create content that helps employees feel informed, supported, and understand their role in delivering essential water services.
The winners will be announced at the PR Daily Awards Luncheon on December 11, 2024, at the City Winery in New York City. This event will bring together top communications professionals to celebrate the year's accomplishments.
Middlesex Water Company (NASDAQ:MSEX) has announced that its Vice President of Enterprise Engineering, G. Christian Andreasen, Jr. P.E., will be speaking at the Second Annual Gabelli Funds PFAS Symposium on September 26 at 2:30 pm (ET) at the Harvard Club in New York City. The event will bring together experts, policymakers, and industry executives to discuss critical issues related to PFAS (Per- and Polyfluoroalkyl substances).
The conference aims to address the environmental and public health challenges posed by PFAS, their persistence in the environment, and effective treatment technologies. Andreasen, with over 40 years of experience in water and wastewater utility operations, oversees capital program project development, delivery, and asset management initiatives at Middlesex Water.
Nadine Leslie, President and CEO of Middlesex Water, highlighted Andreasen's leadership in cultivating expertise and solutions for treating PFAS in groundwater in New Jersey, positioning the company to respond to stricter EPA regulations and serve as a resource for local municipalities.
Middlesex Water Company (MSEX) has announced its participation in the 4th Annual Virtual Water Utilities Conference hosted by Janney Montgomery Scott on September 19, 2024. CEO Nadine Leslie and CFO Rally Zerhouni will provide a company update at 1:00 p.m. ET.
The virtual conference, moderated by Michael Gaugler, Janney Senior Analyst and Managing Director of Utility & Infrastructure, will feature a live presentation and webcast. Investors can access the event in real-time or view a replay at https://wsw.com/webcast/jms13/msex/1693846 or on the company's website under the Investors section. The presentation will remain available for 90 days following the event.
Middlesex Water Company (NASDAQ:MSEX) has announced that its Vice President, General Counsel and Secretary, Jay L. Kooper, has been named a finalist in the 2024 New Jersey Legal Awards, sponsored by the New Jersey Law Journal. Kooper is a finalist in the In-House Impact awards category. The winners will be announced on October 29, 2024 at Park Chateau Estate in East Brunswick, New Jersey.
Kooper, appointed to his current role in March 2014, serves on the Board of Directors of the National Association of Water Companies (NAWC) and chairs NAWC's New Jersey Chapter. He also serves on the Board of Consultors of the New Jersey State Bar Association's Public Utility Law Section and is a Past Chair of the Section. Middlesex Water Company President and CEO Nadine Leslie praised Kooper's expertise in navigating legal and regulatory matters for the company and his leadership within the water and wastewater industry.
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