Core Insights - The article compares California Water Service Group (CWT) and Middlesex Water (MSEX) to determine which stock offers better value for investors [1] Valuation Metrics - CWT has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while MSEX has a Zacks Rank of 4 (Sell) [3] - CWT's forward P/E ratio is 18.68, compared to MSEX's forward P/E of 21.37, suggesting CWT is more attractively priced [5] - CWT has a PEG ratio of 2.13, while MSEX's PEG ratio is significantly higher at 3.65, indicating CWT's expected earnings growth is more favorable [5] - CWT's P/B ratio is 1.6, whereas MSEX's P/B ratio is 2.08, further supporting CWT's valuation advantage [6] Investment Conclusion - CWT exhibits stronger estimate revision activity and more attractive valuation metrics than MSEX, making it the preferred choice for value investors at this time [7]

Middlesex Water Company Conference Summary Company Overview - **Company**: Middlesex Water Company (NasdaqGS: MSEX) - **Date of Conference**: September 17, 2025 - **Key Speakers**: Nadine Leslie (Chair, President, and CEO), Rally Zeroni (Senior Vice President, Treasurer, and CFO) Strategic Vision - **2030 Vision**: The company has launched a five-year strategic plan called MWC 2030, focusing on five strategic pillars: 1. **Employee Development**: Investment in leadership and upskilling programs to reduce turnover and improve efficiency [4][5] 2. **Operational Excellence**: Streamlining processes and focusing on compliance and safety to enhance reliability and stakeholder value [5] 3. **Customer Experience**: Anticipating customer needs and utilizing AI tools to improve service [6] 4. **Stakeholder Management**: Engaging with external stakeholders, including investors and community leaders [6] 5. **Selective and Sustainable Growth**: Investing in utility infrastructure and pursuing advantageous tuck-in opportunities [7] Regulatory Environment - **New Jersey Rate Case**: The New Jersey Board of Public Utilities is currently short-staffed, but the company does not anticipate significant delays in decision-making [9][10] - **Interim Rates**: Historically, the company has not implemented interim rates, but they will evaluate this as the rate case progresses [11] - **Delaware Rate Case**: A recent rate case was settled positively, with expectations to file again in two to three years [13] Financial Health and Customer Impact - **Customer Bills**: Represent less than 1% of household income, indicating a focus on affordability despite rising energy costs [15] - **Electricity Costs**: The company has fixed-cost contracts in place through early 2027, which helps manage energy market fluctuations [18] - **Consumption Trends**: Customer consumption has been lower due to unfavorable weather, but dry conditions may positively impact future consumption [21] Economic Conditions - **Local Economies**: Organic growth is observed in Delaware, with no significant impact on customer financial health noted [25][27] - **Inflation Impact**: The company is managing procurement processes effectively to mitigate inflationary pressures on costs [30] M&A Opportunities - **Growth Strategy**: The company is actively pursuing tuck-in acquisitions for water and wastewater systems within its geographic footprint, including New Jersey and Delaware [32][34] - **Geographic Expansion**: Potential expansion into neighboring states like Maryland and Pennsylvania is being considered [36] Capital Expenditure (CapEx) - **Increased CapEx**: The company anticipates elevated capital investments beyond 2027 to comply with new regulations and address aging infrastructure [39][40] - **Regulatory Compliance**: The company is prepared for stringent state and federal compliance requirements, particularly regarding emerging contaminants like PFAS [41][42] Financing Needs - **Financial Strategy**: A strong financial plan is in place, combining debt and equity financing to support capital programs [46] Investor Concerns - **Key Topics**: Investors are focused on rate cases, capital expenditures, and affordability, which are central to the company's operational strategy [47] Conclusion - **Outlook**: The company is optimistic about its strategic initiatives and the potential for long-term value creation for stakeholders [48]

Company Overview - Middlesex Water Company is a leading investor-owned water and wastewater utility in the United States, serving over half a million people in New Jersey and Delaware [3] - Established in 1897, the company emphasizes employee engagement, operational excellence, superior customer experience, infrastructure investment, and sustainable growth [3] Upcoming Conference Participation - The Chair, President, and CEO, Nadine Leslie, along with the Senior Vice President and CFO, Mohammed G. Zerhouni, will participate in the 5th Annual Virtual Water Utilities Conference on September 17, 2025 [1] - They will discuss the company's business strategy during a fireside chat moderated by Janney's Senior Analyst, Michael Gaugler [1] - The conference will also include virtual one-on-one meetings with institutional analysts and investors [2] Presentation Availability - The live webcast of the conference will be accessible at a specified link and will be available for 90 days on Middlesex Water's website under the Investors section [1]

Core Viewpoint - Middlesex Water missed Wall Street expectations for both revenue and profit in Q2 2025, reporting $49.3 million in GAAP revenue and $0.60 in GAAP EPS, which were below analyst estimates of $51.34 million and $0.66 respectively. The company experienced modest growth year-over-year but faced challenges from rising costs and weaker customer demand [1][5]. Financial Performance - Q2 2025 GAAP EPS was $0.60, slightly up from $0.59 in Q2 2024, but below the estimate of $0.66 [2] - GAAP revenue for Q2 2025 was $49.3 million, a 0.4% increase from $49.1 million in Q2 2024, but below the expected $51.34 million [2][5] - Net income for Q2 2025 was $10.8 million, up 2.9% from $10.5 million in Q2 2024 [2] - Total operating expenses increased by 4.7% to $35.4 million compared to Q2 2024 [2][6] Business Overview - Middlesex Water operates regulated water and wastewater utilities, serving over 500,000 people in New Jersey and Delaware, with revenues primarily derived from customer water consumption [3] - The company focuses on ongoing investments in infrastructure to comply with environmental regulations and secure regulatory approvals for rate increases [4] Regulatory Developments - In July 2025, the Delaware subsidiary Tidewater Utilities received approval for a settlement that raised annual operating revenue by $5.5 million, with a return on common equity of 9.5% [7] - The company filed for a $24.9 million base rate increase in New Jersey to recover nearly $100 million in infrastructure investments [7] Capital Investment - Capital investment remains a strategic priority, with $51 million spent in the first half of 2025, representing approximately 55% of the 2025 capital plan [8] - The company is pursuing expanded rights to recover capital costs through distribution system improvement surcharges, which could raise up to $11.4 million annually [8] Shareholder Returns - Middlesex Water declared a quarterly cash dividend of $0.34 per share, marking the 52nd consecutive year of annual dividend increases [10] Future Outlook - Management did not provide explicit EPS or revenue guidance for the remainder of fiscal 2025, with future performance dependent on the outcome of the pending New Jersey rate request and ongoing infrastructure investments [11]

Middlesex Water (MSEX) came out with quarterly earnings of $0.6 per share, missing the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.76%. A quarter ago, it was expected that this water utility would post earnings of $0.55 per share when it actually produced earnings of $0.53, delivering a surprise of -3.64%.Over the last four quarters, the co ...

Core Viewpoint - Middlesex Water Company reported positive financial results for the second quarter of 2025, highlighting growth in net income and operating revenues, driven by rate increases and customer growth despite challenges from unfavorable weather conditions [3][4][6]. Financial Results - For the second quarter ended June 30, 2025, net income was $10.8 million, with diluted EPS of $0.60, an increase from $10.5 million and $0.59 in the same quarter of 2024 [3]. - Operating revenues for the quarter were $49.3 million, up from $49.1 million year-over-year, attributed to rate increases and customer growth [4]. - Operating expenses increased to $35.4 million from $33.8 million, primarily due to higher variable production costs and increased labor costs [5]. Year-to-Date Performance - Year-to-date net income for the first half of 2025 was $20.3 million, a decrease from $21.3 million in the same period of 2024, with diluted EPS of $1.13 compared to $1.18 [6]. - Operating revenues for the first half of 2025 reached $93.6 million, an increase of approximately $4.0 million over the same period in 2024 [7]. - Operating expenses for the first half of 2025 rose by $3.7 million compared to the previous year, driven by weather-related costs and a one-time recovery in 2024 [8]. Growth Initiatives - The company invested approximately $51 million in water and wastewater utility infrastructure during the first half of 2025, representing about 55% of its planned annual investment of $93 million [9]. - The Delaware Public Service Commission approved a settlement agreement that will increase annual operating revenues by $5.5 million, effective July 3, 2025 [11]. Dividend Declaration - On July 23, 2025, the Board of Directors declared a cash dividend of $0.34 per common share, continuing a history of dividend payments since 1912 [13].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including statements of income, balance sheets, cash flows, capital stock and long-term debt, and common stockholders' equity, along with detailed notes explaining the basis of presentation, recent developments, regulatory matters, capitalization, earnings per share, segment data, short-term borrowings, commitments, employee benefits, revenue recognition, and income taxes [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating Revenues | $49,323 | $49,146 | $93,624 | $89,670 | | Operating Income | $13,912 | $15,315 | $25,469 | $25,180 | | Net Income | $10,778 | $10,546 | $20,258 | $21,228 | | Basic EPS | $0.60 | $0.59 | $1.13 | $1.19 | | Diluted EPS | $0.60 | $0.59 | $1.13 | $1.18 | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $1,315,890 | $1,255,174 | | Total Common Equity | $457,783 | $445,263 | | Total Capitalization | $810,219 | $799,720 | | Total Current Liabilities | $121,482 | $82,888 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Net Cash Provided by Operating Activities | $32,086 | $17,879 | | Net Cash Used in Investing Activities | $(55,242) | $(28,737) | | Net Cash Provided by Financing Activities | $23,165 | $16,493 | | Cash, Cash Equivalents and Restricted Cash at End of Period | $4,235 | $8,025 | [Condensed Consolidated Statements of Capital Stock and Long-Term Debt](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Capital%20Stock%20and%20Long-Term%20Debt) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Common Equity | $457,783 | $445,263 | | Total Preferred Stock | $1,352 | $1,635 | | Total Long-term Debt | $351,084 | $352,822 | [Condensed Consolidated Statements of Common Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Common%20Stockholders'%20Equity) | Metric (in thousands) | June 30, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------ | | Total Common Equity | $457,783 | $432,878 | | Common Stock Shares Outstanding | 18,016 | 17,829 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide essential context and detail for the condensed consolidated financial statements, covering the company's structure, recent operational and regulatory developments, capitalization activities, earnings per share calculations, segment performance, short-term financing, contractual obligations, employee benefits, revenue recognition policies, and income tax impacts [Note 1 – Basis of Presentation and Recent Developments](index=8&type=section&id=Note%201%20%E2%80%93%20Basis%20of%20Presentation%20and%20Recent%20Developments) - In April 2025, Tidewater completed the acquisition of the water utility assets of the Town of Ocean View, Delaware, for approximately **$4.6 million**, serving about **900 customers**[22](index=22&type=chunk) - The USEPA finalized drinking water regulations for PFAS in April 2024, establishing lower maximum contaminant levels (MCLs) Water systems have until April 2027 for initial monitoring and April 2029 to implement solutions, with the Company having started its strategy in 2023[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The Company is currently evaluating the requirements of new accounting standards, ASU 2024-03 (Disaggregation of Income Statement Expenses) effective December 31, 2027, and ASU 2023-09 (Improvements to Income Tax Disclosures) effective December 31, 2025[26](index=26&type=chunk) [Note 2 – Rate and Regulatory Matters](index=9&type=section&id=Note%202%20%E2%80%93%20Rate%20and%20Regulatory%20Matters) - Middlesex and Pinelands filed a joint petition with the NJBPU in May 2025 for corporate reorganization and in June 2025 for a **19.3% ($24.9 million)** increase in annual base revenues[27](index=27&type=chunk)[28](index=28&type=chunk) - Joint petitions were submitted in July 2025 for a Resiliency and Environmental System Improvement Charge (RESIC) Foundational Filing (up to **$3.8 million or 2.5% of revenues**) and a Distribution System Improvement Charge (DSIC) Foundational Filing (up to **$7.6 million or 5% of revenues**)[29](index=29&type=chunk)[30](index=30&type=chunk) - The NJBPU approved a Middlesex DSIC rate effective June 1, 2025, expected to generate **$1.1 million** in annual revenues, and a reset of the Purchased Water Adjustment Clause (PWAC) rate effective March 1, 2025, to recover **$0.5 million** in additional annual costs[31](index=31&type=chunk)[32](index=32&type=chunk) - In July 2025, the DEPSC approved a settlement agreement for Tidewater, increasing annual operating revenues by **$5.5 million** and requiring a refund of approximately **$1.1 million** in excess deferred income taxes[34](index=34&type=chunk) [Note 3 – Capitalization](index=11&type=section&id=Note%203%20%E2%80%93%20Capitalization) - Middlesex issued **8,130 common shares** (approx. **$0.4 million**) under its Investment Plan during the six months ended June 30, 2025[37](index=37&type=chunk) - The Company entered into an At-the-Market (ATM) Equity Offering Sales Agreement in May 2025 for up to **$110.0 million**, issuing **63,955 shares** for **$3.6 million** net proceeds through June 30, 2025[38](index=38&type=chunk) - Middlesex received NJBPU approval to borrow up to **$300.0 million** from the New Jersey SRF Program and other institutions through December 31, 2025, and filed a petition to borrow up to **$260.0 million** for 2026-2028[41](index=41&type=chunk)[42](index=42&type=chunk) Fair Value of First Mortgage Bonds (FMBs) | (Thousands of Dollars) | June 30, 2025 Carrying Amount | June 30, 2025 Fair Value | December 31, 2024 Carrying Amount | December 31, 2024 Fair Value | | :--------------------- | :------------------------------ | :----------------------- | :-------------------------------- | :----------------------------- | | FMBs | $128,857 | $127,236 | $129,602 | $125,067 | [Note 4 – Earnings Per Share](index=13&type=section&id=Note%204%20%E2%80%93%20Earnings%20Per%20Share) Earnings Per Share (EPS) | EPS Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic | $0.60 | $0.59 | $1.13 | $1.19 | | Diluted | $0.60 | $0.59 | $1.13 | $1.18 | [Note 5 – Business Segment Data](index=14&type=section&id=Note%205%20%E2%80%93%20Business%20Segment%20Data) - The Company operates in two reportable segments: Regulated (water and wastewater services in New Jersey

[Company Announcement & Overview](index=1&type=section&id=1.%20Company%20Announcement%20%26%20Overview) Middlesex Water Company announced Q2 2025 financial results, with the CEO highlighting the Delaware rate case outcome and key business achievements including diluted EPS and infrastructure investments [Introduction and CEO Statement](index=1&type=section&id=1.1.%20Introduction%20and%20CEO%20Statement) Middlesex Water Company announced its second quarter 2025 financial results, with the CEO emphasizing the positive outcome of the Delaware general rate case as a support for sustainable growth and continued prudent investments in infrastructure - CEO Nadine Leslie highlighted the **constructive outcome of the general rate case in Delaware**, supporting the company's selective and sustainable growth pillar and its ability to continue making prudent investments in the Tidewater System for safe and reliable water utility service[3](index=3&type=chunk) [Key Business Highlights](index=1&type=section&id=1.2.%20Key%20Business%20Highlights) Key highlights for the period include diluted EPS of $0.60 for Q2 2025, significant infrastructure investment in the first half of 2025, a favorable resolution of the Delaware rate case, and the declaration of a common stock cash dividend - The company reported **diluted earnings per share (EPS) of $0.60** for the second quarter of 2025[8](index=8&type=chunk) - Middlesex invested **$51 million in water and wastewater utility infrastructure** during the first half of 2025, representing approximately **55% of its 2025 capital budget**[8](index=8&type=chunk)[11](index=11&type=chunk) - A **constructive outcome** was achieved in the **general base rate case in Delaware**[8](index=8&type=chunk) - A **common stock cash dividend of $0.34** was declared[8](index=8&type=chunk)[14](index=14&type=chunk) [Financial Performance Summary](index=1&type=section&id=2.%20Financial%20Performance%20Summary) The company reported mixed financial results for Q2 and YTD 2025, with Q2 showing increased net income and EPS, while YTD saw a decrease due to prior year's one-time recovery and lower consumption [Second Quarter 2025 Results](index=1&type=section&id=2.1.%20Second%20Quarter%202025%20Results) For the second quarter of 2025, Middlesex Water Company experienced an increase in net income and diluted EPS, primarily driven by rate increases and customer growth, despite facing challenges from lower consumption due to unfavorable weather Net Income and Diluted EPS | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------- | :------ | :------ | :----- | | Net Income (in millions) | $10.8 | $10.5 | +$0.3 | | Diluted EPS | $0.60 | $0.59 | +$0.01 | - The increase in net income and diluted EPS was attributable to **rate increases, customer growth**, and **higher income tax benefits** associated with increased capital investment deduction on tangible property[4](index=4&type=chunk) - These positive factors were partially offset by **lower consumption** driven by unfavorable weather[4](index=4&type=chunk) Operating Revenues | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (in millions) | | :--------------- | :-------------------- | :-------------------- | :------------------- | | Operating Revenues | $49.3 | $49.1 | +$0.2 | - The increase in operating revenues was attributable to **rate increases and customer growth**[5](index=5&type=chunk) - This increase was offset by **lower consumption** driven by unfavorable weather[5](index=5&type=chunk) Operating Expenses | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (in millions) | | :--------------- | :-------------------- | :-------------------- | :------------------- | | Operating Expenses | $35.4 | $33.8 | +$1.6 | - The increase in operating expenses was primarily driven by **higher variable production costs** from weather-driven lower water quality, **higher labor costs** due to wage and employee headcount increases, and **higher depreciation**[6](index=6&type=chunk) [Year-to-Date 2025 Results](index=1&type=section&id=2.2.%20Year-to-Date%202025%20Results) For the first six months of 2025, net income and diluted EPS decreased compared to the prior year, largely due to a one-time recovery in Q1 2024 and reduced consumption Net Income and Diluted EPS | Metric | YTD 2025 (in millions) | YTD 2024 (in millions) | Change (in millions) | | :----------------------- | :--------------------- | :--------------------- | :------------------- | | Net Income | $20.3 | $21.2 | -$1.0 | | Diluted EPS | $1.13 | $1.18 | -$0.05 | - The decrease in net income and diluted EPS was attributable to a **one-time recovery in Q1 2024 of $4.3 million** (net of tax) associated with the construction and operation of water treatment facilities at Middlesex's Park Avenue water treatment plant[7](index=7&type=chunk) - **Lower consumption** driven by unfavorable weather also contributed to the decrease, partially offset by rate increases and customer growth[7](index=7&type=chunk) Operating Revenues | Metric | YTD 2025 (in millions) | YTD 2024 (in millions) | Change (in millions) | | :--------------- | :--------------------- | :--------------------- | :------------------- | | Operating Revenues | $93.6 | $89.7 | +$4.0 | - Operating revenues increased by **$3.1 million in the Middlesex System** and **$1.2 million in the Tidewater system**, largely driven by **rate increases and customer growth**[9](index=9&type=chunk) - This increase was offset by **lower consumption** due to unfavorable weather and **$0.4 million of lower supplemental contract services revenue** in non-regulated businesses[9](index=9&type=chunk) Operating Expenses | Metric | YTD 2025 (in millions) | YTD 2024 (in millions) | Change (in millions) | | :--------------- | :--------------------- | :--------------------- | :------------------- | | Operating Expenses | $68.2 | $64.5 | +$3.7 | - The increase in operating expenses was primarily due to **higher variable production costs** from weather-driven lower water quality, **increased weather-driven main break activity**, and the **one-time recovery in 2024** of previously incurred depreciation expense and water treatment operating costs at Middlesex's Park Avenue water treatment plant[10](index=10&type=chunk) [Strategic Initiatives & Regulatory Updates](index=1&type=section&id=3.%20Strategic%20Initiatives%20%26%20Regulatory%20Updates) The company made significant infrastructure investments, secured a favorable Delaware rate case settlement, initiated new New Jersey rate filings, and declared a consistent cash dividend [Infrastructure Investment](index=2&type=section&id=3.1.%20Infrastructure%20Investment) Middlesex Water Company invested a significant portion of its annual capital budget in the first half of 2025 to upgrade and enhance its water and wastewater utility infrastructure, focusing on resiliency - Middlesex invested approximately **$51 million** to upgrade, replace, and enhance the resiliency of its water and wastewater utility infrastructure during the first half of 2025[11](index=11&type=chunk) - This investment represents approximately **55% of its planned 2025 annual investment of $93 million**[11](index=11&type=chunk) [Regulatory Rate Case Outcomes](index=1&type=section&id=3.2.%20Regulatory%20Rate%20Case%20Outcomes) The company secured a favorable settlement in its Delaware general rate case, leading to an approved annual revenue increase, and initiated new rate case filings in New Jersey seeking substantial revenue increases and new surcharge programs Delaware General Rate Case - In July 2025, the Delaware Public Service Commission (DEPSC) approved a **settlement agreement** for Tidewater Utilities, Inc.'s general base rate application[12](index=12&type=chunk) - The DEPSC order approved an **increase in annual operating revenues by $5.5 million**, with new rates effective July 3, 2025[12](index=12&type=chunk) - The approval was based on an authorized **return on common equity of 9.5%** and a **common equity ratio of 53.50%**[12](index=12&type=chunk) New Jersey Rate Case Filings - In June 2025, New Jersey regulated utilities filed a joint petition with the NJBPU requesting an **increase in annual base revenues by approximately $24.9 million, or 19.3%**[13](index=13&type=chunk) - This increase is intended to recover approximately **$100 million of prudently incurred investments** made to comply with environmental regulations and continue providing safe and reliable water and wastewater service[13](index=13&type=chunk) - In July 2025, New Jersey regulated utilities also filed a Distribution System Improvement Charge (DSIC) and a Resiliency and Environmental System Improvement Charge (RESIC) Foundational Filing for the three-year period ending October 2028, allowing **semi-annual recovery of qualifying capital investments up to $11.4 million or 7.5% of total annual revenues**[13](index=13&type=chunk) [Dividend Declaration](index=1&type=section&id=3.3.%20Dividend%20Declaration) The Board of Directors declared a third-quarter cash dividend, continuing the company's long-standing tradition of consistent and increasing dividend payments to shareholders - On July 23, 2025, the Company's Board of Directors declared a **third quarter cash dividend of $0.34 per common share**[14](index=14&type=chunk) - Dividends on common shares will be paid on September 2, 2025, to shareholders of record as of August 15, 2025[14](index=14&type=chunk) - The Company has paid cash dividends continually since 1912 and has **increased the dividends received by shareholders each calendar year for 52 consecutive years**[14](index=14&type=chunk) [About Middlesex Water Company](index=3&type=section&id=4.%20About%20Middlesex%20Water%20Company) Middlesex Water Company is an established investor-owned utility providing water and wastewater services in New Jersey and Delaware, focused on operational excellence and sustainable growth [Company Overview](index=3&type=section&id=4.1.%20Company%20Overview) Middlesex Water Company is a long-established investor-owned utility providing essential water and wastewater services to over half a million people in New Jersey and Delaware, with a strategic focus on operational excellence, customer experience, infrastructure investment, and sustainable growth - Middlesex Water Company, established in 1897, is an **investor-owned water and wastewater utility**[16](index=16&type=chunk) - It provides services to **more than half a million people in New Jersey and Delaware**[16](index=16&type=chunk) - The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth[16](index=16&type=chunk) [Forward-Looking Statements](index=3&type=section&id=5.%20Forward-Looking%20Statements) This section provides a cautionary disclaimer on forward-looking statements, noting their inherent risks and uncertainties, and the company's non-commitment to updates [Disclaimer](index=3&type=section&id=5.1.%20Disclaimer) This section serves as a cautionary statement regarding forward-looking information, emphasizing that such statements reflect current beliefs and expectations, are subject to material risks and uncertainties, and the company does not commit to updating them - The press release contains 'forward-looking statements' reflecting current beliefs or expectations regarding future performance, financial condition, strategic plans, cash flows, and results of operations[17](index=17&type=chunk) - Actual results, performance, or achievements may differ materially from forward-looking statements, and investors are cautioned not to place undue reliance on them[17](index=17&type=chunk) - The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events, or otherwise[17](index=17&type=chunk) [Contact Information](index=3&type=section&id=6.%20Contact%20Information) This section provides contact information for media and investor relations inquiries [Media and Investor Relations](index=3&type=section&id=6.1.%20Media%20and%20Investor%20Relations) Contact details are provided for media and investor relations inquiries - Media Contact: Brian Hague, Vice President of Communications & Corporate Affairs (bhague@middlesexwater.com, 732-638-7549)[18](index=18&type=chunk) - Investor Relations Contact: Jennifer Ketschke, Director of Treasury and Investor Relations (jketschke@middlesexwater.com, 732-638-7523)[18](index=18&type=chunk) [Condensed Consolidated Statements of Income](index=4&type=section&id=7.%20Condensed%20Consolidated%20Statements%20of%20Income) This section presents unaudited condensed consolidated statements of income, detailing financial figures for revenues, expenses, net income, and EPS for Q2 and YTD 2025 and 2024 [Unaudited Financial Statements](index=4&type=section&id=7.1.%20Unaudited%20Financial%20Statements) This section presents the unaudited condensed consolidated statements of income, providing detailed financial figures for operating revenues, expenses, net income, and earnings per share for both the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Income (Unaudited) | | | Three Months Ended June 30, (in thousands) | Six Months Ended June 30, (in thousands) | | | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | | Operating Revenues (in thousands) | $49,323 | $49,146 | $93,624 | $89,670 | | Operating Expenses: | | | | | | Operations and Maintenance (in thousands) | 23,066 | 21,825 | 44,175 | 42,290 | | Depreciation (in thousands) | 6,703 | 6,305 | 13,230 | 11,701 | | Other Taxes (in thousands) | 5,642 | 5,701 | 10,750 | 10,499 | | Total Operating Expenses (in thousands) | 35,411 | 33,831 | 68,155 | 64,490 | | Operating Income (in thousands) | 13,912 | 15,315 | 25,469 | 25,180 | | Other Income: | | | | | | Allowance for Funds Used During Construction (in thousands) | 413 | 257 | 786 | 433 | | Other Income, net (in thousands) | 1,485 | 2,399 | 2,910 | 7,588 | | Total Other Income, net (in thousands) | 1,898 | 2,656 | 3,696 | 8,021 | | Interest Charges (in thousands) | 3,623 | 4,041 | 6,336 | 7,310 | | Income before Income Taxes (in thousands) | 12,187 | 13,930 | 22,829 | 25,891 | | Income Taxes (in thousands) | 1,409 | 3,384 | 2,571 | 4,663 | | Net Income (in thousands) | 10,778 | 10,546 | 20,258 | 21,228 | | Preferred Stock Dividend Requirements (in thousands) | 19 | 30 | 41 | 60 | | Earnings Applicable to Common Stock (in thousands) | $10,759 | $10,516 | $20,217 | $21,168 | | Earnings per share of Common Stock: | | | | | | Basic | $0.60 | $0.59 | $1.13 | $1.19 | | Diluted | $0.60 | $0.59 | $1.13 | $1.18 | | Average Number of Common Shares Outstanding: | | | | | | Basic (in thousands) | 17,962 | 17,829 | 17,926 | 17,824 | | Diluted (in thousands) | 17,993 | 17,944 | 17,957 | 17,939 |

Wall Street expects a year-over-year increase in earnings on higher revenues when Middlesex Water (MSEX) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. O ...

Group 1 - Middlesex Water (NASDAQ: MSEX) shares have declined approximately 55% from their peak price since the end of 2021, reaching a favorable valuation [1] - The company's business is described as well-functioning and stable, making it an attractive investment opportunity [1] Group 2 - The author expresses a primary interest in dividend and value stocks, indicating a broader investment strategy that includes other types of stocks [1]