Middlesex Water Company Reports 2024 Financial Results

Core Insights - Middlesex Water Company reported a strong financial performance for 2024, with net income of $44.4 million and diluted EPS of $2.47, marking significant growth from $31.5 million and $1.76 in 2023 [1][10] Financial Performance - The net income for 2024 increased by $12.8 million compared to 2023, driven by a base rate increase, one-time recovery of costs, and increased customer demand due to weather [3] - Revenues for 2024 reached $191.9 million, up $25.6 million from $166.3 million in 2023, with the Middlesex System contributing $19.9 million to this increase [4] - Operating expenses rose to $92.4 million in 2024, an increase of $9.3 million from $83.1 million in 2023, primarily due to higher legal, labor, and energy costs [5] Quarterly Results - For the fourth quarter of 2024, net income was $8.8 million with diluted EPS of $0.49, compared to $5.8 million and $0.32 in the same quarter of 2023 [6] Infrastructure Investments - In 2024, the company invested $75 million in upgrading and enhancing its water and wastewater utility infrastructure [7] - Planned infrastructure investments for 2025 are approximately $93 million, with a total of $387 million expected from 2025 to 2027, including $105 million for PFAS treatment [8] Dividend Information - The Board of Directors declared a first quarter cash dividend of $0.34 per common share, continuing a history of cash dividends since 1912 and increasing dividends for 52 consecutive years [12] Company Overview - Middlesex Water Company is a leading investor-owned water and wastewater utility, serving over half a million people in New Jersey and Delaware, focusing on operational excellence and sustainable growth [13]