ISELIN, N.J., May 30, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, is pleased to announce that its Chairman of the Board, Dennis W. Doll, has been honored with the Distinguished Service Award from the New Jersey Utilities Association (NJUA) at its 2024 Annual Conference. Doll, who served as past Chairman of NJUA, was honored for his 35 years of industry service and leadership. Dennis Doll joined Middlesex Water as Executive Vic ...

ISELIN, N.J., May 30, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, is pleased to announce that its Chairman of the Board, Dennis W. Doll, has been honored with the Distinguished Service Award from the New Jersey Utilities Association (NJUA) at its 2024 Annual Conference. Doll, who served as past Chairman of NJUA, was honored for his 35 years of industry service and leadership. Dennis Doll joined Middlesex Water as Executive Vic ...

About Middlesex Water Company ISELIN, N.J., May 22, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water and wastewater and related services held its Annual Meeting of Shareholders exclusively online on May 21, 2024 at which shareholders re-elected Kim C. Hanemann and Ann L. Noble and elected Nadine Leslie (Class I Directors) each to a three-year term and re-elected Dennis W. Doll (Class II Director) to a one-year term. Shareholders also approved a non-binding advisory resolut ...

During the meeting, officers discussed the Company's financial results, capital investment initiatives, finance activity plans, as well as operations highlights including major treatment plant upgrades in New Jersey, capital investments in Delaware, governance and sustainability. An audio webcast of the Middlesex Water Annual Meeting of Shareholders will be archived for one year at www.virtualshareholdermeeting.com/MSEX2024 ISELIN, N.J., May 22, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX) ...

Middlesex Water (MSEX) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 31.11%. A quarter ago, it was expected that this water utility would post earnings of $0.46 per share when it actually produced earnings of $0.32, delivering a surprise of -30.43%.Over the last four quarters, the c ...

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, ...