UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) Commission File Number 0-422 MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its charter) New Jersey 22-1114430 (State of incorporation) (IRS employer identification no.) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Fo ...

Financial Performance - First Quarter 2024 net income increased to $10.7 million, up 82.1% from $5.9 million in 2023[3] - Diluted earnings per share for Q1 2024 were $0.59, a 78.8% increase compared to $0.33 in the same period last year[7] - Quarterly consolidated operating revenues rose to $40.5 million, reflecting a 6.2% increase from $38.2 million in Q1 2023[7] Operating Expenses and Investments - Operating expenses for Q1 2024 were $30.7 million, slightly down from $30.7 million in Q1 2023, with a focus on enhanced water treatment processes[13] - The company plans to continue its capital investment strategy, with the 2024 Capital Investment Plan on schedule[7] - The company emphasizes infrastructure investments and technology improvements to enhance service quality and reliability[6] Revenue Growth Factors - The New Jersey Board of Public Utilities approved a base rate increase effective March 1, 2024, contributing to revenue growth[4] - Increased revenues in the Middlesex System by $1.6 million due to the approved base rate increase and higher commercial customer billings[4] - Revenues in the Delaware system increased by $0.8 million due to more customer connections and heightened demand[4] Dividends - A quarterly cash dividend of $0.325 per common share has been declared, payable on June 3, 2024[8]

ISELIN, N.J., April 25, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX) has announced that its Board of Directors has declared a cash dividend of $0.325 per share on its common stock, payable June 3, 2024 to shareholders of record as of May 15, 2024. Middlesex Water Company has paid cash dividends in varying amounts continually since 1912. Middlesex Water provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary co ...

Financial Projections and Rate Changes - Middlesex's Lead Service Line Replacement (LSLR) Plan is estimated to cost between $46 million and $77 million over a nine-year period[59]. - Middlesex is authorized to recover Distribution System Improvement Charge (DSIC) revenues up to 5% of total revenues, approximately $5.5 million, starting from April 2024[60]. - The approved base water rate increase from a December 2021 settlement is expected to generate an additional $27.7 million in annual operating revenues[62]. - Tidewater implemented a new DSIC rate of 3.71% effective January 1, 2024, projected to generate approximately $1.3 million annually[63]. - Tidewater's base rate reduction of 6.0% resulted in reduced annual revenues of approximately $2.1 million in 2023[64]. - Pinelands Water and Wastewater received a combined $1.0 million increase in annual base rates effective April 15, 2023[67]. Compliance and Construction Updates - The company completed the permanent construction of treatment upgrades at the Park Avenue Plant in June 2023, ensuring compliance with NJDEP PFOA standards[78]. Management Changes - Management announced the appointment of Nadine Leslie as the new President and CEO effective March 1, 2024[86]. Regulatory and Filing Requirements - The company must file for a change in its DSIC rate semi-annually, beginning in April 2024, to recover eligible investments[60]. - The company is required to file a base rate petition before November 2026 as part of the DSIC foundational filing[60]. Risk Management - The company is exposed to market risks associated with interest rates and commodity prices, managing interest rate risk through fixed-rate long-term debt and limiting variable-rate short-term debt exposure[281]. - Approximately $7.8 million of the current portion of existing long-term debt instruments will mature over the next twelve months[281]. - The company mitigates risks associated with commodity price increases through contractual arrangements and the ability to recover price increases through rates[282]. - Credit risk is managed through established credit and collection policies, with a diversified credit portfolio and no significant customer or industry concentrations[283]. - The company's retirement benefit plan assets are exposed to market price variations, impacting retirement benefit plan expenses and funded status[284].

ISELIN, NJ, (February 29, 2024) - Middlesex Water Company ("Middlesex" or the "Company") (NASDAQ:MSEX) today announced financial results for the year ended December 31, 2023. 2023 OPERATING RESULTS Consolidated operating revenues increased to $166.3 million for the year ended December 31, 2023, up $3.8 million from 2022. factors affecting operating revenues were: Operation and maintenance expenses for the year ended December 31, 2023, increased to $83.1 million, up $4.0 million from the same period in 2022, ...

DOVER, Del., Dec. 20, 2023 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. (Tidewater), a water service provider and a wholly-owned subsidiary of Middlesex Water Company recently presented a check for $35,000 to the Food Bank of Delaware at the Food Banks's new Milford, DE location. The donation represents proceeds raised from its 15th Annual Charity Golf Outing held at Heritage Shores on September 22, 2023. "It's extremely gratifying to know our outing's efforts are positively impacting the lives of Delaware ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to______________________ Commission File Number 0-422 MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its charter) New Jersey 22-1114430 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 Septe ...

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q For the transition period from _________________ to______________________ Commission File Number 0-422 MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its charter) New Jersey ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to______________________ 485C Route One South, Iselin, New Jersey 08830 (Address of principal executive offices, including zip code) (732) 634 ...

FORM 10-K (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ______________________ Commission File Number 0-422 MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its charter) New Jersey 22 ...