Middlesex Water (MSEX) Beats Q3 Earnings and Revenue Estimates

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]