Middlesex Water Announces Third Quarter 2024 Financial Results
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) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con utili per azione diluiti di $0.80, in aumento del 42.9% rispetto all'anno precedente. Il reddito netto ha raggiunto $14.3 milioni, aumentando di $4.3 milioni rispetto al 2023. I ricavi trimestrali sono cresciuti di $8.4 milioni, arrivando a $55.1 milioni, grazie agli aumenti delle tariffe base approvati da NJBPU e alla maggiore domanda dei clienti. L'azienda ha aumentato il suo dividendo trimestrale del 4.62% a $0.34 per azione. Le spese per operazioni e manutenzione sono aumentate di $2.8 milioni a causa dell'aumento delle spese legali, dei processi di trattamento dell'acqua migliorati e maggiori costi di lavoro e energia.
Middlesex Water Company (NASDAQ:MSEX) informó sobre resultados financieros sólidos para el tercer trimestre de 2024, con ganancias por acción diluidas de $0.80, un aumento del 42.9% en comparación con el año anterior. El ingreso neto alcanzó $14.3 millones, lo que representa un aumento de $4.3 millones en comparación con 2023. Los ingresos trimestrales crecieron en $8.4 millones, alcanzando $55.1 millones, impulsados por aumentos en las tarifas base aprobados por NJBPU y una mayor demanda de los clientes. La compañía aumentó su dividendo trimestral en un 4.62% a $0.34 por acción. Los gastos operativos y de mantenimiento crecieron en $2.8 millones debido a costos legales más altos, procesos de tratamiento de agua mejorados y mayores costos de mano de obra y energía.
Middlesex Water Company (NASDAQ:MSEX)는 2024년 3분기 강력한 재무 실적을 보고했습니다. 희석 주당 순이익은 $0.80로, 전년 대비 42.9% 증가했습니다. 순이익은 $14.3 백만에 달해 2023년 대비 $4.3 백만 증가했습니다. 분기 매출은 $8.4 백만 증가한 $55.1 백만으로, NJBPU 승인을 받은 기준 요금 인상과 고객 수요 증가에 힘입었습니다. 회사는 분기 배당금을 4.62% 인상하여 주당 $0.34로 결정했습니다. 운영 및 유지보수 비용은 법률 비용 증가, 향상된 수질 처리 프로세스, 그리고 노동 및 에너지 비용 상승으로 인해 $2.8 백만 증가했습니다.
Middlesex Water Company (NASDAQ:MSEX) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un bénéfice dilué par action de $0.80, en hausse de 42,9% par rapport à l'année précédente. Le revenu net a atteint $14.3 millions, soit une augmentation de $4.3 millions par rapport à 2023. Les revenus trimestriels ont augmenté de $8.4 millions pour atteindre $55.1 millions, grâce à des augmentations de tarifs de base approuvées par le NJBPU et à une demande accrue des clients. La société a augmenté son dividende trimestriel de 4,62% à $0.34 par action. Les dépenses d'exploitation et de maintenance ont augmenté de $2.8 millions en raison de l'augmentation des frais juridiques, des processus de traitement de l'eau améliorés et des coûts de main-d'œuvre et d'énergie plus élevés.
Middlesex Water Company (NASDAQ:MSEX) hat starke Finanzresultate für das dritte Quartal 2024 berichtet, mit verwässerten Erträgen pro Aktie von $0.80, was einem Anstieg von 42,9% im Jahresvergleich entspricht. Der Nettogewinn erreichte $14.3 Millionen, was einem Anstieg von $4.3 Millionen im Vergleich zu 2023 entspricht. Die Quartalsumsätze wuchsen um $8.4 Millionen auf $55.1 Millionen, angetrieben durch von NJBPU genehmigte Grundtariferhöhungen und eine steigende Kundennachfrage. Das Unternehmen erhöhte seine vierteljährliche Dividende um 4,62% auf $0.34 pro Aktie. Die Betriebs- und Instandhaltungskosten stiegen um $2.8 Millionen aufgrund gestiegener Rechtskosten, verbesserter Wasseraufbereitungsprozesse sowie höherer Arbeits- und Energiekosten.
- Q3 EPS increased 42.9% to $0.80
- Net income grew by $4.3M to $14.3M
- Quarterly revenues increased by $8.4M to $55.1M
- 4.62% dividend increase, marking 52nd consecutive year of increases
- Filed for additional $1.1M annual revenue through DSIC rate application
- Delaware subsidiary filed for $10.3M (25.66%) rate increase
- Operations and maintenance expenses increased by $2.8M
- Higher energy and chemical costs due to increased water demand
- Increased legal, financial and regulatory matter costs
Insights
The Q3 2024 results showcase robust financial performance with significant growth metrics. Diluted EPS increased by
The company's strategic positioning is strengthening with multiple rate case activities. The pending Delaware rate case seeking
- Diluted earnings per share of
$0.80 for the quarter, an increase of42.9% in comparison to the prior year - Common dividend increased by
4.62% .
ISELIN, N.J., Oct. 31, 2024 (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 Operating Results
Diluted earnings per share were
Revenues for the quarter ended September 30, 2024, increased
Operations and maintenance expenses for the quarter increased
Year to Date Operating Results
Net income for the nine months ended September 30, 2024, was
Revenues for the nine months ended September 30, 2024, were
Operations and maintenance expenses for the nine months ended September 30, 2024, increased
Middlesex President and Chief Executive Officer Nadine Leslie said, “Our strong financial results are a reflection of our commitment to operational excellence, delivering safe and reliable service to our customers and working constructively with regulators to recover prudent infrastructure investments in a timely manner. We also increased our common dividend for the 52nd consecutive year by
Rate Activity
New Jersey
In October 2024, Middlesex filed a second Distribution System Improvement Charge (DSIC) rate application that is expected to result in
Delaware
In August 2024, Tidewater Utilities, Inc. (Tidewater) filed an application with the Delaware Public Service Commission (DEPSC) to increase its general rates for water service. In the application, Tidewater seeks an overall increase in annual operating revenue of
In September 2024, the DEPSC approved Tidewater’s petition to recover up to
Board Declares Dividend, Announces
We previously announced that our Board of Directors declared a quarterly cash dividend of
About Middlesex Water Company
Established in 1897, Middlesex Water Company serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The company offers a full range of water, wastewater utility and related services. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of half a million people in New Jersey and Delaware. Middlesex Water is focused on meeting the needs of our employees, customers, and shareholders. We invest in our people, our infrastructure, and the communities we serve to support reliable and resilient utility services, economic growth, and quality of life.
This press release contains “forward‐looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “MSEX” or the “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements reflect the Company’s current views and information currently available. This information is based on estimates, assumptions, and analysis that the Company believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward‐looking statements can generally be identified by the use of forward‐looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees.” Actual results, performance or achievements may differ materially from forward‐looking statements, and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward‐looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events or otherwise.
Contact:
Bernadette Sohler, Vice President – Corporate Affairs
bsohler@middlesexwater.com
Jennifer Ketschke, Director of Treasury and Investor Relations
jketschke@middlesexwater.com
MIDDLESEX WATER COMPANY | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands except per share amounts) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating Revenues | $ | 55,100 | $ | 46,715 | $ | 144,770 | $ | 127,672 | |||||||
Operating Expenses: | |||||||||||||||
Operations and Maintenance | 25,359 | 22,581 | 67,649 | 64,042 | |||||||||||
Depreciation | 6,309 | 6,376 | 18,010 | 18,546 | |||||||||||
Other Taxes | 5,931 | 4,936 | 16,430 | 14,104 | |||||||||||
Total Operating Expenses | 37,599 | 33,893 | 102,089 | 96,692 | |||||||||||
Operating Income | 17,501 | 12,822 | 42,681 | 30,980 | |||||||||||
Other Income: | |||||||||||||||
Allowance for Funds Used During Construction | 354 | 496 | 787 | 2,162 | |||||||||||
Other Income, net | 1,614 | 936 | 9,202 | 3,124 | |||||||||||
Total Other Income, net | 1,968 | 1,432 | 9,989 | 5,286 | |||||||||||
Interest Charges | 3,411 | 3,518 | 10,721 | 9,364 | |||||||||||
Income before Income Taxes | 16,058 | 10,736 | 41,949 | 26,902 | |||||||||||
Income Taxes | 1,739 | 746 | 6,402 | 1,143 | |||||||||||
Net Income | 14,319 | 9,990 | 35,547 | 25,759 | |||||||||||
Preferred Stock Dividend Requirements | 29 | 30 | 89 | 90 | |||||||||||
Earnings Applicable to Common Stock | $ | 14,290 | $ | 9,960 | $ | 35,458 | $ | 25,669 | |||||||
Earnings per share of Common Stock: | |||||||||||||||
Basic | $ | 0.80 | $ | 0.56 | $ | 1.99 | $ | 1.45 | |||||||
Diluted | $ | 0.80 | $ | 0.56 | $ | 1.98 | $ | 1.44 | |||||||
Average Number of Common Shares Outstanding : | |||||||||||||||
Basic | 17,838 | 17,758 | 17,828 | 17,708 | |||||||||||
Diluted | 17,952 | 17,873 | 17,943 | 17,823 | |||||||||||
FAQ
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