Core Viewpoint - Middlesex Water (MSEX) reported quarterly earnings of $0.6 per share, missing the Zacks Consensus Estimate of $0.68 per share, representing an earnings surprise of -11.76% [1][2] Financial Performance - The company posted revenues of $49.32 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 5.15%, compared to revenues of $49.15 million a year ago [2] - Over the last four quarters, Middlesex Water has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Middlesex Water shares have lost about 1.3% since the beginning of the year, while the S&P 500 has gained 8.2% [3] - The current Zacks Rank for Middlesex Water is 4 (Sell), indicating expected underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.85 on $54 million in revenues, and $2.53 on $200 million in revenues for the current fiscal year [7] - The estimate revisions trend for Middlesex Water was unfavorable ahead of the earnings release [6] Industry Context - The Utility - Water Supply industry is currently in the top 39% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

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 |

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Middlesex Water (MSEX) due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.68 per share, reflecting a +15.3% year-over-year change, with revenues projected at $52 million, up 5.8% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative Earnings ESP reading indicates the likely deviation of actual earnings from the consensus estimate, with a positive reading being a strong predictor of an earnings beat [9][10]. Current Earnings ESP and Zacks Rank - For Middlesex Water, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.94%, combined with a Zacks Rank of 4, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Middlesex Water was expected to post earnings of $0.55 per share but delivered $0.53, resulting in a surprise of -3.64%. Over the last four quarters, the company has beaten consensus EPS estimates two times [13][14]. Conclusion - Middlesex Water does not appear to be a compelling earnings-beat candidate, and investors should consider other factors when making decisions regarding the stock ahead of its earnings release [17].

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]

Core Viewpoint - Middlesex Water Company is set to report its financial results for the second quarter of 2025 on July 31, 2025, after market close, with the press release and Form 10-Q available on its website [1] Company Overview - Middlesex Water Company is a leading investor-owned water and wastewater utility in the United States, established in 1897 [2] - The company serves over half a million people in New Jersey and Delaware, focusing on employee engagement, operational excellence, superior customer experience, infrastructure investment, and sustainable growth [2]

Core Viewpoint - Middlesex Water Company has filed a petition with the New Jersey Board of Public Utilities to request new rates due to nearly $100 million in investments aimed at improving water quality and meeting environmental regulations [1]. Group 1: Investment and Infrastructure - The company is seeking a total annual revenue increase of $24.9 million, which would result in an average increase of approximately $14.13 per month for residential customers using about 15,000 gallons of water per quarter [1]. - Investments include modernizing treatment plants, upgrading distribution systems, and implementing technological improvements to enhance system resilience against climate risks and emerging contaminants [1][4]. - Specific projects include replacing approximately 12 miles of cast iron water mains, updating fire hydrants, and advancing the "Knocking Out Lead" initiative to eliminate lead service lines by 2031 [4]. Group 2: Company Overview - Middlesex Water Company is a premier investor-owned water and wastewater utility, serving over half a million people in New Jersey and Delaware since its establishment in 1897 [2]. - The company emphasizes employee engagement, operational excellence, superior customer experience, and sustainable growth to deliver value to customers and investors [2].

Group 1 - The article discusses the author's long position in the shares of YORW and VEOEY, indicating a positive outlook on these companies [1] - It emphasizes the importance of conducting due diligence and research before making any investment decisions, particularly in high-risk trading styles [2] - The article clarifies that past performance is not indicative of future results and that no specific investment recommendations are provided [3]

Core Viewpoint - Middlesex Water Company (MSEX) is positioned as a strong investment option in the utility sector due to its strategic investments and acquisitions aimed at future growth and customer base expansion [1] Group 1: Growth Projections - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has increased by 4.5% over the past 90 days to $2.53 [2] - The estimated revenues for 2025 are projected at $200 million, reflecting a year-over-year increase of 4.2% [2] - MSEX's long-term earnings growth rate is forecasted at 6.1%, with an average earnings surprise of 11% over the last four quarters [2] Group 2: Debt Position - Middlesex Water's total debt to capital ratio stands at 44.34%, which is better than the industry average of 56.04% [3] - The time-to-interest earned ratio was 4.7 at the end of Q1 2025, indicating the company's strong ability to meet future interest obligations [3] Group 3: Dividend History - The company has consistently paid dividends, raising them for 52 consecutive years [4] - The current quarterly dividend is 34 cents per share, leading to an annualized dividend of $1.36 and a dividend yield of 2.37%, surpassing the S&P 500 composite's yield of 1.25% [4] Group 4: Strategic Investments and Acquisitions - Middlesex Water plans to invest approximately $387 million in water and wastewater infrastructure over the next three years to enhance reliability and service [5] - In April 2025, MSEX's unit Tidewater Utilities, Inc. acquired water assets from the Town of Ocean View for $4.6 million, adding 900 customers to its base [6] Group 5: Stock Price Performance - Year-to-date, Middlesex Water has returned 9.1%, outperforming the sector's growth of 8.1% [7]