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 a robust performance for Q1 2022, with revenues rising by $3.7 million to reach $36.2 million. The net income surged by $5.2 million, resulting in a diluted EPS increase of $0.29. The revenue growth was primarily attributed to a rate increase approved by the New Jersey Board of Public Utilities effective January 1, 2022, alongside customer growth in Delaware. A significant pre-tax gain of $5.2 million from the sale of its Delaware regulated wastewater subsidiary also contributed to positive earnings.
Middlesex Water Company (NASDAQ:MSEX) has declared a cash dividend of $0.29 per share on its common stock, payable on June 1, 2022, to shareholders of record as of May 13, 2022. The company has consistently paid dividends since 1912 and maintains an impressive track record with 49 consecutive years of dividend increases. The Annual Meeting of Shareholders is scheduled for May 23, 2022, at 11:00 a.m. EDT. Additionally, Middlesex Water is offering a 3% discount on common stock purchases made under its Investment Plan.
Tidewater Utilities has implemented a cross-connection control program to comply with new Delaware regulations aimed at protecting the public water supply. This initiative addresses cross-connections that pose health risks due to potential backflow of contaminants into drinking water. The program includes customer notifications, on-site surveys, compliance verification, and annual testing. Tidewater has partnered with HydroCorp for program management, ensuring adherence to regulations. This commitment supports safe, clean drinking water for Delaware residents, aligning with Tidewater's mission since 1964.
Middlesex Water Company (NASDAQ:MSEX) is set to invest $7.9 million in upgrading drinking water infrastructure in Woodbridge Township, NJ, as part of its RENEW 2022 initiative. The project will replace 24,100 linear feet of water main, service lines, valves, and fire hydrants, enhancing service reliability and fire flows. The construction is expected to last 8-9 months with some traffic disruptions anticipated. The initiative supports Middlesex's long-term Water for Tomorrow® Program, which aims to bolster water distribution infrastructure in New Jersey.
Middlesex Water Company (NASDAQ:MSEX) reported its financial results for 2021, showing a slight increase in consolidated operating revenues to $143.1 million, up $1.5 million from 2020, driven by customer growth and increased demand. However, net income fell $1.9 million to $36.5 million, with earnings per share down to $2.07. Operating expenses rose to $73.7 million due to higher maintenance costs and labor, while depreciation increased to $21.1 million. The company declared a quarterly dividend of $0.29, marking its 49th consecutive year of dividend increases.
Middlesex Water Company (MSEX) is initiating a lead service line replacement program across New Jersey to enhance public health and reduce lead exposure. This plan, aimed to be completed by 2031, involves replacing lead and galvanized steel lines with copper service lines at no cost to property owners. Governor Phil Murphy's legislation requires all utilities to inventory and replace these lines. MWC has already submitted an inventory of known lead lines to the New Jersey Department of Environmental Protection (NJDEP) and will educate customers on self-reporting line materials.
Middlesex Water Company (NASDAQ:MSEX) announced a cash dividend of $0.29 per share on its common stock, payable on March 1, 2022, to shareholders of record by February 14, 2022. The company has consistently paid cash dividends since 1912, showcasing its commitment to rewarding shareholders. Additionally, Middlesex is offering a 3% discount on common stock purchases made under its Investment Plan until either 200,000 shares are purchased at the discounted price or August 1, 2022.
Middlesex Water Company announced the implementation of an interim plan to ensure water supply meets new PFOA standards by shutting down affected wells. This plan will source water from alternative facilities compliant with all drinking water standards. The company, in collaboration with state regulators, emphasizes ongoing monitoring to meet customer demand while the affected wells remain offline until treatment improvements at the new facility are completed in mid-2023. Customers will receive notifications regarding the status of the wells and the ongoing changes.
Middlesex Water Company (NASDAQ:MSEX) will present at the Bank of America Securities 2021 Virtual Water Conference on December 6, 2021, at 8:15 AM EST. CEO Dennis W. Doll will discuss financial performance, capital investments, and strategic initiatives. Investors can access the live audio presentation on Middlesex Water's website, where a replay will also be available. Established in 1897, Middlesex Water serves nearly 500,000 people across New Jersey and Delaware, focusing on high-quality water services and infrastructure investment.
Middlesex Water Company (NASDAQ:MSEX) announced a correction to its October 29, 2021 press release regarding its third-quarter financial results. The record date for the upcoming dividend has been corrected from November 13, 2021, to November 16, 2021. The dividend is payable on December 1, 2021. Middlesex Water, founded in 1897, provides essential water and wastewater services to nearly half a million residents in New Jersey and Delaware. The company focuses on investing in infrastructure and community services to ensure reliable utility services.
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