Middlesex Water Announces 2023 Year End Results
29 Febbraio 2024 - 11:45PM
Middlesex Water Company (“Middlesex” or the “Company”)
(NASDAQ:MSEX) today announced financial results for the year ended
December 31, 2023.
2023 OPERATING RESULTS
Consolidated operating revenues increased to $166.3 million for
the year ended December 31, 2023, up $3.8 million from 2022.
Factors affecting operating revenues were:
- A net $4.2 million increase in our Middlesex System revenues
due to the implementation of the final phase of the 2021 base rate
case increase on January 1, 2023 and additional revenues through
the Purchase Water Adjustment Clause rate;
- A net decrease of $0.9 million in our Tidewater System revenues
related to lower customer connection fees and lower weather driven
customer demand along with a Delaware Public Service Commission
ordered rate reduction in September 2022;
- A $0.2 million increase in the Pinelands System in New Jersey
due to the implementation of a base rate increase effective April
15, 2023; and
- A $0.3 increase in non-regulated operations revenues due to
higher supplemental contract services.
Operation and maintenance expenses for the year ended December
31, 2023, increased to $83.1 million, up $4.0 million from the same
period in 2022, primarily due to higher variable production costs
due to weather-driven changes in water quality, higher chemical
prices and increased labor costs. Lower weather-related main break
activity in our Middlesex System offset some of these increased
expenses.
Depreciation expense for the year ended December 31, 2023
increased $2.2 million from the same period in 2022 due to a higher
level of utility plant in service.
Middlesex recognized a $5.2 million gain on the sale of its
regulated Delaware wastewater subsidiary in January 2022.
Income Taxes for the year ended December 31, 2023, decreased
$2.2 million from the same period in 2022 due to greater income tax
benefits associated with the increased repair expenditures on
tangible property in the Middlesex system.
As a result, net income for the year decreased $10.9 million to
$31.5 million, compared to $42.4 million in 2022. Earnings
applicable to common stock for the year ended December 31, 2023,
were $31.4 million, or $1.76 per share on a fully diluted basis,
compared to $42.3 million or $2.39 per diluted share for the same
period in 2022.
“Throughout 2023, we continued to invest in our infrastructure
to ensure drinking water quality, enhance reliability and
resiliency, secure our facilities, and protect consumers from lead
in their service lines. We also maintained compliance with
regulatory requirements with the completion of new treatment
capability at our New Jersey wellfield facility,” said Middlesex
Chairman, President and Chief Executive Officer Dennis W. Doll. “In
addition, we settled litigation to recover costs associated with
these treatment upgrades which has been reflected in the recent
settlement of the Middlesex base rate case, originally filed in May
2023. Your Board of Directors increased the dividend by 4.0% in the
fourth quarter of 2023, representing our 51st consecutive year of
dividend increases. Management executed numerous financings and
further enhanced our emergency management and cybersecurity
processes. As we welcomed the new year, we also welcome the
Company’s previously announced new President and CEO, Nadine
Leslie, who takes the helm March 1st and who will further build
upon our Company’s commitment of engaging our employees with
meaningful work, providing quality service to our customers and
delivering value to shareholders,” added Doll.
QUARTERLY DIVIDEND DECLARED
As previously announced in January 2024, the Board of Directors
of Middlesex Water Company declared a quarterly cash dividend of
$0.325 per common share payable on March 1, 2024, to shareholders
of record as of February 15, 2024. The Company has paid cash
dividends continually since 1912.
ABOUT MIDDLESEX WATER COMPANYEstablished 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. An investor-owned public utility, Middlesex Water is a
professional services provider specializing in municipal and
industrial contract operations and water and wastewater system
technical operations and maintenance. 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 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. To learn more about Middlesex Water, visit
https://www.middlesexwater.com
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 AffairsMiddlesex Water Company(732) 638-7549
MIDDLESEX WATER COMPANY |
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
December 31, |
|
Quarters Ended December 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
|
$ |
166,274 |
|
$ |
162,434 |
|
$ |
38,602 |
|
|
$ |
38,823 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operations and Maintenance |
|
83,113 |
|
|
79,096 |
|
|
19,071 |
|
|
|
20,089 |
|
Depreciation |
|
|
25,194 |
|
|
23,029 |
|
|
6,648 |
|
|
|
5,923 |
|
Other Taxes |
|
|
18,744 |
|
|
18,208 |
|
|
4,640 |
|
|
|
4,665 |
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
127,051 |
|
|
120,333 |
|
|
30,359 |
|
|
|
30,677 |
|
|
|
|
|
|
|
|
|
|
Gain on Sale of Subsidiary |
|
- |
|
|
5,232 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
39,223 |
|
|
47,333 |
|
|
8,243 |
|
|
|
8,146 |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
Allowance for Funds Used During Construction |
|
|
2,433 |
|
|
2,314 |
|
|
272 |
|
|
|
761 |
|
Other Income (Expense), net |
|
4,053 |
|
|
5,389 |
|
|
929 |
|
|
|
1,204 |
|
|
|
|
|
|
|
|
|
|
Total Other Income, net |
|
6,485 |
|
|
7,703 |
|
|
1,201 |
|
|
|
1,965 |
|
|
|
|
|
|
|
|
|
|
Interest Charges |
|
|
13,143 |
|
|
9,367 |
|
|
3,779 |
|
|
|
2,794 |
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
32,565 |
|
|
45,669 |
|
|
5,665 |
|
|
|
7,317 |
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
|
1,041 |
|
|
3,240 |
|
|
(102 |
) |
|
|
148 |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
31,524 |
|
|
42,429 |
|
|
5,767 |
|
|
|
7,169 |
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividend Requirements |
|
120 |
|
|
120 |
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
Earnings Applicable to Common Stock |
$ |
31,404 |
|
$ |
42,309 |
|
$ |
5,737 |
|
|
$ |
7,139 |
|
|
|
|
|
|
|
|
|
Earnings per share of Common Stock: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.77 |
|
$ |
2.40 |
|
$ |
0.32 |
|
|
$ |
0.40 |
|
Diluted |
|
$ |
1.76 |
|
$ |
2.39 |
|
$ |
0.32 |
|
|
$ |
0.40 |
Grafico Azioni Middlesex Water (NASDAQ:MSEX)
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Da Dic 2023 a Dic 2024