Middlesex Water Company
58.01-2.98 (-4.89%)
Oct 29, 4:00:01 PM EDT · NasdaqGS · MSEX · USD
Key Stats
Market Cap
1.05BP/E (TTM)
23.97Basic EPS (TTM)
2.42Dividend Yield
0.02%Recent Filings
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.
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
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.
8-K
ATM equity offering launched
Middlesex Water Company inked an at-the-market equity offering agreement on May 12, 2025, with BofA Securities, Robert W. Baird & Co., and Janney Montgomery Scott to sell up to $110 million in common stock at prevailing prices. Proceeds will fund capital expenditures, plant equipment, and general corporate needs. Sales agents earn up to 2.0% commissions. The deal bolsters funding flexibility amid infrastructure demands.
10-Q
Q1 FY2025 results
Middlesex Water's Q1 2025 revenues climbed 9.3% year-over-year to $44.3 million, fueled by rate hikes in New Jersey and Delaware plus steady customer growth, while operating income rose 17.2% to $11.6 million on tighter cost controls despite higher depreciation from infrastructure builds. Diluted EPS dipped to $0.53 from $0.59, reconciling neatly with 17,951,000 shares and no anti-dilution quirks, as one-time 2024 gains faded. Cash from operations surged to $13.8 million, funding $18.9 million in capex; free cash flow turned negative at -$5.1 million (derived), with $2.7 million cash on hand, $351.3 million long-term debt (rates 0%-7.05%, maturities 2025-2059), and $106 million revolver availability sans covenants breached. Tidewater closed a $4.6 million cash acquisition of Ocean View's assets in April 2025, adding 900 customers seamlessly. Regulators eye PFAS monitoring by 2027, with compliance underway. Solid footing, yet regulatory delays could crimp rate relief.
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