Middlesex(US:MSEX)2025-10-31 20:12Financial 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].