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) reported strong Q3 2020 results, with revenues increasing by 5.7% to $39.9 million, driven by higher water consumption and customer growth. Net income rose 14.6% to $12.7 million, resulting in diluted earnings per share of $0.72, up from $0.66 in Q3 2019. For the nine months ending September 30, 2020, revenues reached $107.0 million, a $5.1 million increase year-on-year. The Board declared a cash dividend of $0.2725 per share, payable on December 1, 2020.
Middlesex Water Company (NASDAQ:MSEX) declared a cash dividend of $0.2725 per share, marking a 6.3% increase from the previous dividend of $0.25625. This raises the annual dividend to $1.09 from $1.02, payable on December 1, 2020 to shareholders of record as of November 13, 2020. The company has maintained dividend payments for over a century and has increased its annual dividend for 48 consecutive years. Chairman Dennis W. Doll credited effective management amid operational challenges for this increase.
Middlesex Water Company announces that Chairman, President, and CEO Dennis Doll will present at the Virtual Utilities Conference hosted by Janney Montgomery Scott on September 16 at 8 a.m. EDT. He will discuss the water industry and provide updates on company developments. The two-day conference will be moderated by Michael Gaugler. The live presentation and its replay will be available on the company's website and the webcast link for MSEX within 90 days.
Middlesex Water provides essential water services to nearly half a million people in New Jersey and Delaware.
Tidewater Utilities, Inc. has received the 2020 Superstar in Business award from the Delaware State Chamber of Commerce, recognizing its ethical standards and innovative business practices in the 60-150 employee category. This award highlights the company's commitment to delivering safe and reliable water services, particularly during challenging times. Tidewater was also awarded the Award of Excellence in the same category in 2019. The company, a subsidiary of Middlesex Water Company (NASDAQ: MSEX), has served Delaware since 1964, focusing on sustainable water and wastewater services.
Tidewater Utilities has promoted key employees as part of its succession planning, reflecting its commitment to operational excellence. Kirsten E. Higgins becomes Vice President of Development and Contract Administration, while Alexis Virdin-Gede is now Director of Water Quality. John Eckeard has been appointed Director of Distribution, and Paul Peris takes on additional responsibilities as Director of Production and Maintenance. President Bruce O’Connor emphasizes the importance of these roles in ensuring high-quality service amid a growing customer base and complex regulations.
Middlesex Water Company (NASDAQ:MSEX) announced a $3.7 million project starting September 8 to upgrade drinking water infrastructure in Metuchen, New Jersey. The initiative, part of the 2020 RENEW Program, will see 3.3 miles of water mains replaced, along with service lines and fire hydrants, enhancing service quality and fire flows. The project is coordinated to minimize disruptions and expected to take four months, with road restoration targeted for spring 2021. Temporary water service interruptions of 2-8 hours may occur.
Middlesex Water Company (MSEX) reported a strong second quarter in 2020, with operating revenues rising by $1.9 million to reach $35.3 million, driven mainly by increased demand from residential customers. Net income increased by $1.6 million, resulting in diluted earnings per share of $0.55, up from $0.49 in the same quarter of 2019. The completion of a $50 million transmission pipeline project is a significant milestone. While operating expenses rose by $0.8 million, a decrease in income tax expense helped bolster net income. A cash dividend of $0.25625 per share has been declared, payable on September 1, 2020.
Middlesex Water Company (NASDAQ:MSEX) has declared a cash dividend of $0.25625 per share, payable on September 1, 2020, to shareholders on record as of August 14, 2020. With a strong history of dividend payments, the company has increased its annual dividend for 47 consecutive years. Established in 1897, Middlesex Water provides essential water and wastewater services to nearly half a million residents in New Jersey and Delaware, showcasing its commitment to reliable utility services and community support.
Middlesex Water Company (NASDAQ:MSEX) completed its 42” diameter water transmission main project, enhancing water supply and system resilience for over 300,000 residents in eastern Middlesex County, NJ. The $50 million project began in March 2018 and was finalized with paving in June 2020. This initiative is part of the company's $300 million Water for Tomorrow® infrastructure plan aimed at improving service quality and reliability. CEO Dennis W. Doll emphasized the project’s success amid operational challenges and community cooperation, marking a significant milestone for the company.
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