ISELIN, N.J., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex”) (NASDAQ: MSEX) today announced that Senior Vice President, Chief Financial Officer and Treasurer Rally Zerhouni will present at the Baird 2025 Global Industrial Conference in Chicago on Wednesday, November 12, 2025, at 10:50 a.m. CT (11:50 a.m. ET). About Middlesex Water Company Middlesex Water Company is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted ...

Core Viewpoint - Middlesex Water Company reported its financial results for the third quarter of 2025, highlighting a focus on sustainable growth and an acquisition strategy to enhance operational excellence and customer service [2][3]. Financial Performance - For Q3 2025, Middlesex reported a net income of $14.0 million and diluted EPS of $0.77, a slight decrease from $14.3 million and $0.80 in Q3 2024 [3]. - Operating revenues for Q3 2025 were $54.1 million, down $1.0 million from $55.1 million in the same quarter last year, primarily due to lower consumption from unfavorable weather [3]. - Operating expenses for Q3 2025 decreased to $36.4 million from $37.6 million in Q3 2024, driven by higher capitalizable costs and lower legal and regulatory costs [4]. Year-to-Date Results - For the nine months ended September 30, 2025, net income was $34.2 million, a decrease of $1.3 million compared to the same period in 2024, with diluted EPS at $1.90 versus $1.98 [5]. - Year-to-date operating revenues increased to $147.7 million, up approximately $2.9 million from $144.8 million in 2024, attributed to rate increases and customer growth [6]. - Operating expenses for the nine months increased by $2.5 million, mainly due to higher variable production costs and increased depreciation [7]. Investment and Growth Strategy - Middlesex invested approximately $72 million in upgrading and enhancing its water and wastewater utility infrastructure during the first nine months of 2025, representing about 77% of its planned annual investment of $93 million [8]. - The company executed an asset purchase agreement to acquire the Pinewood Acres water utility assets in Delaware for $0.2 million, serving approximately 350 customers [10]. Dividend Announcement - The Board of Directors declared a fourth-quarter cash dividend of $0.36 per common share, marking a 5.88% increase from the previous dividend of $0.34, raising the annual dividend rate to $1.44 from $1.36 [11].

Revenue Performance - Middlesex Water Company's operating revenues for Q3 2025 decreased by $1.0 million compared to Q3 2024, primarily due to lower customer consumption driven by unfavorable weather [125]. - The Middlesex System revenues decreased by $1.3 million, while Tidewater System revenues increased by $0.3 million due to customer growth and base rate increases [125]. - Operating revenues for the nine months ended September 30, 2025, increased by $2.9 million to $147.715 million compared to the same period in 2024 [133]. Capital Investment and Acquisitions - The Company plans to invest approximately $93 million in 2025 as part of its multi-year capital construction program to upgrade and replace utility infrastructure [118]. - 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 [113]. Operating Income and Expenses - Operating income for Q3 2025 was $17.703 million, compared to $17.501 million in Q3 2024, reflecting a slight increase [124]. - Operations and Maintenance Expense for the nine months ended September 30, 2025, increased by $0.3 million to $67.913 million due to increased production costs and higher labor costs [134]. - Depreciation expense for the nine months ended September 30, 2025, increased by $2.2 million to $20.171 million due to higher average utility plant in service [135]. Other Financial Metrics - Other Income, net for the nine months ended September 30, 2025, decreased by $4.4 million to $5.582 million primarily due to lower retirement benefit plans [137]. - Interest Charges for the nine months ended September 30, 2025, decreased by $0.2 million to $10.535 million due to lower average debt outstanding [138]. - Income Taxes for the nine months ended September 30, 2025, decreased by $2.4 million to $4.001 million primarily due to lower pretax income [139]. Cash Flow Analysis - Cash flows from operating activities increased by $6.8 million to $44.1 million for the nine months ended September 30, 2025 [141]. - Cash flows used in investing activities increased by $26.8 million to $76.2 million due to increased utility plant expenditures and Tidewater's acquisition of water utility assets [142]. - Cash flows from financing activities increased by $16.8 million to $32.9 million due to higher borrowings and proceeds from the issuance of common stock [143]. Regulatory and Compliance - The Company is implementing strategies to meet new USEPA PFAS regulations, including preliminary engineering studies for treatment solutions [117]. - The Company filed a Joint Application for a general base rate increase in June 2025 to address rising operating costs and infrastructure investments [121]. - Middlesex received approval to borrow up to $300 million from the New Jersey SRF Program through December 31, 2025 [145]. Customer Growth - Organic residential customer growth in the Tidewater system was approximately 3.5% in 2024, although current economic conditions may challenge this growth [121]. - The Company operates under a 10-year contract for the City of Perth Amboy, New Jersey, which includes emergency response and capital project management responsibilities [108]. Legal Matters - The Company received an initial settlement payment of $0.4 million from 3M Company related to PFAS litigation, with additional payments anticipated [112].

Financial Performance - Middlesex reported net income of $14.0 million and diluted EPS of $0.77 for Q3 2025, compared to net income of $14.3 million and diluted EPS of $0.80 in Q3 2024[3]. - Year-to-date net income for the nine months ended September 30, 2025, was $34.2 million, a decrease of $1.3 million compared to the same period in 2024[5]. - The company reported a diluted EPS of $1.90 for the nine months ended September 30, 2025, down from $1.98 in the same period in 2024[5]. Revenue and Expenses - Operating revenues for Q3 2025 were $54.1 million, a decrease of $1.0 million from $55.1 million in Q3 2024, primarily due to lower consumption from unfavorable weather[3]. - Operating revenues for the nine months ended September 30, 2025, were $147.7 million, an increase of approximately $2.9 million over the same period in 2024[6]. - Operating expenses for the nine months ended September 30, 2025, increased by $2.5 million compared to the same period in 2024, primarily due to higher variable production costs and increased main break activity[8]. Investments and Acquisitions - The company invested approximately $72 million in water and wastewater utility infrastructure during the nine months ended September 30, 2025, representing about 77% of its planned 2025 capital budget of $93 million[9]. - The company executed an asset purchase agreement to acquire Pinewood Acres water utility assets in Delaware for $0.2 million, serving approximately 350 customers[11]. Dividends and Rate Applications - Middlesex declared a cash dividend of $0.36 per common share, marking a 5.88% increase from the previous dividend of $0.34[12]. - Middlesex filed a fourth Distribution System Improvement Charge (DSIC) rate application expected to generate an additional $0.9 million in annual revenues[10].

Group 1 - Middlesex Water Company declared a quarterly cash dividend of $0.36 per share, marking a 5.88% increase from the previous dividend of $0.34 per share [1] - This increase raises the annual dividend rate to $1.44 from $1.36 per share, representing the 53rd consecutive year of dividend increases for Middlesex [1] - The new dividend rate will be payable on December 1, 2025, to shareholders of record as of November 17, 2025 [1] Group 2 - Middlesex Water Company is a leading investor-owned water and wastewater utility, established in 1897 [2] - The company serves over half a million people in New Jersey and Delaware, focusing on employee engagement, operational excellence, and sustainable growth [2] - Middlesex has been paying cash dividends since 1912, demonstrating a long-standing commitment to returning value to shareholders [1][2]

Core Insights - The article discusses the investment positions held by the author in MSEX and YORW, indicating a beneficial long position in these stocks [1]. Group 1 - The author expresses personal opinions regarding the stocks mentioned, emphasizing that the article is not receiving compensation beyond Seeking Alpha [1]. - It is noted that the author is not a licensed financial advisor, and the content should not be construed as financial advice [2]. - The article highlights the importance of due diligence and research by investors before making any investment decisions [2]. Group 2 - The article clarifies that past performance does not guarantee future results, and no specific investment recommendations are provided [3]. - It mentions that the views expressed may not reflect those of Seeking Alpha as a whole, indicating a diversity of opinions among analysts [3]. - The article emphasizes that the authors may include both professional and individual investors who may not be licensed or certified [3].

Analyst’s Disclosure:I/we have a beneficial long position in the shares of MSEX, YORW either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial ...

ISELIN, N.J., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ: MSEX) plans to report financial results for the third quarter ended September 30, 2025, after the market close on October 31, 2025. The press release and the company’s third quarter 2025 Form 10-Q will be available in the Investors section of the company’s website. About Middlesex Water CompanyMiddlesex Water Company (“Middlesex”) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, ...

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]