Middlesex Water Announces First Quarter 2024 Results
08 Maggio 2024 - 11:45PM
Middlesex Water Company (“Middlesex” or the “Company”)
(NASDAQ:MSEX) a provider of water and wastewater services, today
reported first quarter financial results.
First Quarter 2024 Results
Diluted earnings per share were $0.59 for the three months ended
March 31, 2024, compared to $0.33 for the same period in 2023. Net
income for the quarter ended March 31, 2024 rose to $10.7 million
from $5.9 million during the same period in 2023. Most of the
increase is attributable to the recovery of operating and carrying
costs associated with the prior period construction and operation
of the water treatment facilities at Middlesex’s Park Avenue
Wellfield. As part of the New Jersey Board of Public Utilities
(NJBPU) approved Middlesex base rate case, which included the
impact of the previously disclosed PFOA lawsuit settlement, the
NJBPU authorized these operating and carrying costs to be recovered
after Middlesex first applied settlement proceeds to the cost of
the water treatment facilities at Middlesex’s Park Avenue
Wellfield.
Quarterly consolidated operating revenues rose $2.4 million to
$40.5 million compared to the same period in 2023. Revenues in our
Middlesex System increased $1.6 million due to the NJBPU approved
base rate increase which took effect March 1, 2024, and higher
commercial and industrial customer billings. In our Delaware
system, revenues increased $0.8 million due to increased customer
connections and heightened customer demand.
Operation and maintenance expenses for the first quarter of 2024
increased $0.2 million from the same period in 2023. The increase
was largely related to an enhanced water treatment process at the
Company’s Park Avenue Plant, increased labor costs, and outside
professional support services costs. These costs were offset by the
cost recovery described above.
Middlesex President and Chief Executive Officer Nadine Leslie
said, “We continue to focus on our strategy: infrastructure
investments, growth, training, technology to improve service
quality and reliability, protect the safety of our employees and
customers, enhance efficiencies in our business processes and
deliver to our shareholders’ expectations. Our successful New
Jersey rate filing, which took effect March 1 in our Middlesex
system, provides for recovery of numerous investments made to
ensure delivering water services that meets state and federal
regulations,” added Ms. Leslie.
Board Declares DividendWe previously announced
that our Board of Directors declared a quarterly cash dividend of
$0.325 per common share payable on June 3, 2024, to shareholders of
record as of May 15, 2024. Middlesex has paid cash dividends in
varying amounts continually since 1912 and has increased its annual
dividend rate for fifty-one consecutive years.
Virtual Annual Meeting Announced Middlesex
Water will be holding its Annual Meeting virtually online on
Tuesday, May 21, 2024, at 11:00 a.m. EDT. Shareholders may obtain
instructions to access the meeting by visiting
www.virtualshareholdermeeting.com/MSEX2024 and entering the
16-digit control number listed on their Notice of Internet
Availability of Proxy Materials or proxy card.
ABOUT MIDDLESEX WATER COMPANY
Established in 1897, Middlesex Water Company (NASDAQ: MSEX)
serves as a trusted provider of life-sustaining high quality water
service for residential, commercial, industrial and fire protection
purposes. The Company and its subsidiaries form the Middlesex
family of companies, which collectively serve a population of
nearly half a million people in New Jersey and Delaware. We offer a
full range of water, wastewater utility and related services
including municipal and industrial contract operations and water
and wastewater system technical operations and maintenance. We
are focused on meeting and balancing 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. Information about Middlesex Water’s Investment Plan
(Direct Share Purchase and Sale and Dividend Reinvestment Plan) is
available at https://shareholder.broadridge.com/middlesexwater/
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.
Media Contact:Bernadette Sohler, Vice President
– Corporate AffairsMiddlesex Water Company (732)
638-7549www.middlesexwater.com
MIDDLESEX
WATER COMPANY |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
Operating Revenues |
$ |
40,524 |
|
$ |
38,156 |
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
Operations and Maintenance |
|
20,465 |
|
|
20,257 |
|
Depreciation |
|
5,396 |
|
|
5,986 |
|
Other Taxes |
|
4,798 |
|
|
4,423 |
|
|
|
|
|
|
Total Operating Expenses |
|
30,659 |
|
|
30,666 |
|
|
|
|
|
|
Operating Income |
|
9,865 |
|
|
7,490 |
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
Allowance for Funds Used During Construction |
|
176 |
|
|
813 |
|
Other Income (Expense), net |
|
5,189 |
|
|
898 |
|
|
|
|
|
|
Total Other Income, net |
|
5,365 |
|
|
1,711 |
|
|
|
|
|
|
Interest Charges |
|
3,269 |
|
|
2,595 |
|
|
|
|
|
|
Income before Income Taxes |
|
11,961 |
|
|
6,606 |
|
|
|
|
|
|
Income Taxes |
|
1,279 |
|
|
738 |
|
|
|
|
|
|
Net Income |
|
10,682 |
|
|
5,868 |
|
|
|
|
|
|
Preferred Stock Dividend Requirements |
|
30 |
|
|
30 |
|
|
|
|
|
|
Earnings Applicable to Common Stock |
$ |
10,652 |
|
$ |
5,838 |
|
|
|
|
|
Earnings per share of Common Stock: |
|
|
|
|
Basic |
$ |
0.60 |
|
$ |
0.33 |
|
Diluted |
$ |
0.59 |
|
$ |
0.33 |
|
|
|
|
|
|
Average Number of Common Shares Outstanding: |
|
|
|
|
Basic |
|
17,819 |
|
|
17,652 |
|
Diluted |
|
17,934 |
|
|
17,767 |
|
|
|
|
|
|
Grafico Azioni Middlesex Water (NASDAQ:MSEX)
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Da Nov 2024 a Dic 2024
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Da Dic 2023 a Dic 2024