Company Overview - Middlesex Water Company, established in 1897, provides high-quality water service for residential, commercial, industrial, and fire protection purposes [3] - The company serves a population of half a million people in New Jersey and Delaware through various subsidiary companies [3] - Middlesex Water Company focuses on investing in its employees, infrastructure, and communities to support reliable utility services and economic growth [3] Financial Information - Middlesex Water Company plans to announce its financial results for the fourth quarter and 2024 earnings on February 28, 2025, after the market closes [1] - The press release and SEC Form 10-K filing will be available in the Investors section of the company's website [1] Services Offered - The company provides both regulated and unregulated water and wastewater utility services [2] - Information about Middlesex Water Company's Investment Plan is accessible on the Investors section of the company's website and its shareholder portal [2]

Industry Overview - The Zacks Utility - Water Supply industry includes companies providing drinking water and wastewater services to various customers, including military bases [1] - Water utilities are essential for maintaining a healthy life by ensuring a constant flow of clean water and reliable sanitation services [2] Infrastructure and Investment Needs - Water utility operators manage nearly 2.2 million miles of aging pipelines, necessitating continuous replacement and expansion [3] - An estimated investment of $963 billion is required over the next 20 years to maintain and expand drinking water and wastewater services to meet demand [3] Capital Market Dynamics - Utilities are seeking loans from capital markets to modernize and expand operations, benefiting from a cumulative 75 basis points reduction in the Fed's fund rate since September 2024 [4] - A further rate decline is anticipated in December 2024, which could enhance the profitability of capital-intensive utilities by lowering capital servicing costs [4] Company Comparisons - Middlesex Water Company (MSEX) has a market capitalization of $1.06 billion, while SJW Group (SJW) has $1.81 billion [6] - The Zacks Consensus Estimate for MSEX's 2024 earnings is $2.34 per share on revenues of $186 million, indicating a 33% increase in earnings and an 11.9% increase in revenues year-over-year [7] - For SJW Group, the 2024 earnings estimate is $2.75 per share on revenues of $715.2 million, reflecting a 2.6% increase in earnings and a 6.7% increase in revenues year-over-year [7] Stock Performance - Over the past six months, MSEX shares have gained 16.9%, while SJW shares have increased by 4.1%, with the industry also growing by 4.1% [8] Financial Metrics - Middlesex Water has a debt-to-capital ratio of 44.79%, and SJW Group has a ratio of 57.1%, both lower than the sector average of 59.34% [9] - The times interest earned (TIE) ratio for MSEX is 4.3, while SJW's TIE is 2.4, indicating both companies have sufficient financial flexibility to meet near-term interest obligations [10] Dividend Yield - Middlesex Water's current dividend yield is 2.29%, while SJW Group's yield is 2.95%, compared to the Zacks S&P 500 composite average of 1.18% [11] Conclusion - Both Middlesex Water and SJW Group are strong candidates for investment, focusing on water and wastewater services with potential for further improvement. However, MSEX is preferred due to its superior earnings, revenue growth, debt management, and stock performance compared to SJW [12]

Core Viewpoint - BofA Securities analyst Ross Fowler initiated coverage on Middlesex Water Company (MSEX) with an Underperform rating and a price forecast of $56, highlighting that it is the most expensive utility in their coverage, trading at a 47% premium to the utility group and a 13% premium to the water group [1][2]. Financial Projections - The analyst projects that Middlesex Water's EPS will grow at a 5.2% CAGR from 2024 to 2027, with estimates of $2.34 in 2024, $2.45 in 2025, $2.59 in 2026, and $2.72 in 2027 [3]. - Capital expenditures are expected to exceed guidance due to a national push for water quality investment, resulting in a 7.6% annual rate base growth through 2027, although this is slower than the recent 15% rate base growth driven by one-time water quality investments [3][4]. Growth and Challenges - Middlesex Water expects 4% customer growth in 2024, but economic conditions may pose challenges to achieving this growth, leading the analyst to adjust the growth assumption to 3% in their model [5][6]. - The focus on limiting water customer bill increases may restrict further upside for Middlesex Water, especially as the company relies more on frequent rate cases [4]. Capital Needs - The company may need to raise external equity starting in 2025, forecasting $25 million per year to bring its equity capitalization closer to authorized levels [4]. Market Performance - MSEX shares are currently trading lower by 1.66% to $60.31 [7].

Core Viewpoint - Middlesex Water Company has appointed Gregory Sorensen as Vice President and Chief Operating Officer, effective December 16, 2024, as part of its strategic succession planning and organizational realignment efforts [1][2]. Group 1: Leadership Appointment - Gregory Sorensen brings extensive utility experience, a commitment to safety, employee development, finance, and regulatory compliance to his new role [2]. - Sorensen previously served as President of the West Region at Liberty Utilities, overseeing operations in the U.S. and Chile, managing a team of 800 professionals, and handling regulated utility revenue exceeding $400 million [3]. Group 2: Responsibilities and Vision - In his new role, Sorensen will be responsible for the operational performance of Middlesex Water Company, overseeing Engineering and Operations functions, including capital program planning, water and wastewater operations, safety management, environmental compliance, and sustainability initiatives [3][4]. - Sorensen expressed his commitment to maintaining the company's tradition of operational excellence and enhancing service quality for customers and communities [4]. Group 3: Company Overview - Middlesex Water Company, established in 1897, provides high-quality water services for residential, commercial, industrial, and fire protection purposes, serving a population of approximately 500,000 in New Jersey and Delaware [5]. - The company focuses on balancing the needs of employees, customers, and shareholders while investing in infrastructure and community support to ensure reliable utility services and economic growth [5].

Core Viewpoint - Middlesex Water (MSEX) reported quarterly earnings of $0.80 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, and showing an increase from $0.56 per share a year ago, representing an earnings surprise of 19.40% [1][2] Financial Performance - The company posted revenues of $55.1 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 10.20%, compared to $46.72 million in the same quarter last year [2] - Over the last four quarters, Middlesex Water has exceeded consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Middlesex Water shares have declined approximately 4.8% since the beginning of the year, while the S&P 500 has gained 21.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $41 million, and for the current fiscal year, it is $2.21 on revenues of $181 million [7] - The estimate revisions trend for Middlesex Water is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Utility - Water Supply industry is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Diluted earnings per share of $0.80 for the quarter, an increase of 42.9% in comparison to the prior yearCommon dividend increased by 4.62%. ISELIN, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today announced third quarter financial results. Third Quarter Operating Results Diluted earnings per share were $0.80 and $0.56 for the three months ended September 30, 2024, and 2023, respectively. Net incom ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock MSEX NASDAQ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to______________________ Commissi ...

Exhibit 99.1 MIDDLESEX WATER ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS Ø Diluted earnings per share of $0.80 for the quarter, an increase of 42.9% in comparison to the prior year Ø Common dividend increased by 4.62%. Iselin, NJ, (October 31, 2024) - Middlesex Water Company ("Middlesex" or the "Company") (NASDAQ:MSEX) a provider of water and wastewater services, today announced third quarter financial results. Third Quarter Operating Results Diluted earnings per share were $0.80 and $0.56 for the three ...

ISELIN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ: MSEX) announced today that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, a 4.62% increase from the $0.325 per share dividend last declared in July 2024. This increase raises the annual dividend rate to $1.36 from $1.30 per share of common stock and marks Middlesex’s 52nd consecutive year of dividend increases. The dividend at the new rate is payable December 2, 2024, to sh ...

ISELIN, N.J., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, plans to announce its financial results for the third quarter ended September 30, 2024 on October 31, 2024 after the market closes. The press release and the company’s 10-Q filing will be available in the Investors section of the Company’s website. About Middlesex Water CompanyEstablished in 1897, Middlesex Water Company serves as a trusted provider offering li ...