MSEX
Middlesex Water Company53.25
+0.18+0.34%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
976.49MP/E (TTM)
22.28Basic EPS (TTM)
2.39Dividend Yield
0.03%Recent Filings
8-K
Q3 earnings dip amid weather woes
Middlesex Water reported third-quarter 2025 net income of $14.0 million and diluted EPS of $0.77, down slightly from $14.3 million and $0.80 last year due to lower consumption from unfavorable weather, offset by rate hikes and customer growth. The company invested $72 million in infrastructure through nine months, hitting 77% of its $93 million budget, and executed an asset purchase agreement for Pinewood Acres water utility in Delaware for $0.2 million, serving 350 customers to expand its reach. It also declared a $0.36 quarterly dividend, up 5.88%, marking 53 years of increases. Weather impacts persist.
10-Q
Q3 FY2025 results
Middlesex Water's Q3 revenue dipped 1.9% y/y to $54.1M, driven by unfavorable weather curbing consumption in New Jersey, yet YTD sales climbed 2.1% to $147.7M on rate hikes and customer growth in Delaware. Operating income held steady at $17.7M for the quarter, up slightly q/q, while YTD it rose 1.1% to $43.2M amid controlled costs; diluted EPS fell 3.8% y/y to $0.77 but reconciles precisely with 18,154k shares. Free cash flow strengthened YTD to $24.5M (derived: $44.1M OCF minus $19.6M capex), bolstering liquidity with $3.4M cash and $93M revolver availability against $55M short-term notes. Tidewater's April acquisition of Ocean View assets for $4.6M added 900 customers seamlessly. Regulatory pressures from PFAS rules loom large.
10-Q
Q2 FY2025 results
Middlesex Water's Q2 revenues edged up 0.4% y/y to $49.3M, driven by Tidewater's customer growth and rate hikes, yet offset by weather-hit consumption in the Middlesex system. Operating income dipped 9.2% y/y to $13.9M amid higher operations costs from water quality issues and main breaks, while gross margin slipped to 28.2% from 31.2%. Diluted EPS held steady at $0.60, reconciling neatly with 17,993 diluted shares and no anti-dilution quirks. Cash from operations surged to $32.1M YTD, funding $50.6M in capex and a $4.6M all-cash Ocean View acquisition closed in April; free cash flow stood negative at $21.5M after capex. Liquidity remains solid with $2.6M cash and $84.8M revolver availability, backed by $351.1M long-term debt (0%-5.5%, maturities to 2059). Regulators loom large, though—with PFAS monitoring due by 2027.
8-K
Q2 earnings steady, infrastructure push
Middlesex Water Company reported Q2 2025 net income of $10.8 million, up slightly from $10.5 million last year, with diluted EPS steady at $0.60 amid rate hikes and customer growth offsetting weather-hit consumption. The company invested $51 million in infrastructure through June, hitting 55% of its $93 million annual budget, while the Delaware rate case approval boosts annual revenues by $5.5 million effective July 3. New Jersey utilities seek $24.9 million in base rate increases. Dividends hold firm at $0.34 per share.
8-K
Shareholders elect directors, approve comp
Middlesex Water Company's shareholders overwhelmingly elected directors Steven M. Klein and Amy B. Mansue to three-year terms and Walter G. Reinhard to a one-year term at the May 20, 2025, annual meeting. They also approved executive compensation via advisory vote and ratified PricewaterhouseCoopers as auditors for 2025. Shareholders approved. The filing highlights 2024's 40.6% net income growth to $44.4 million, fueling MWC2030 strategy amid regulatory and growth risks.
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