Middlesex(US:MSEX)2024-05-08 21:06Financial 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]