Middlesex(US:MSEX) Globenewswireยท2025-10-31 20:50Core Viewpoint - Middlesex Water Company reported its financial results for the third quarter of 2025, highlighting a focus on sustainable growth and an acquisition strategy to enhance operational excellence and customer service [2][3]. Financial Performance - For Q3 2025, Middlesex reported a net income of $14.0 million and diluted EPS of $0.77, a slight decrease from $14.3 million and $0.80 in Q3 2024 [3]. - Operating revenues for Q3 2025 were $54.1 million, down $1.0 million from $55.1 million in the same quarter last year, primarily due to lower consumption from unfavorable weather [3]. - Operating expenses for Q3 2025 decreased to $36.4 million from $37.6 million in Q3 2024, driven by higher capitalizable costs and lower legal and regulatory costs [4]. Year-to-Date Results - For the nine months ended September 30, 2025, net income was $34.2 million, a decrease of $1.3 million compared to the same period in 2024, with diluted EPS at $1.90 versus $1.98 [5]. - Year-to-date operating revenues increased to $147.7 million, up approximately $2.9 million from $144.8 million in 2024, attributed to rate increases and customer growth [6]. - Operating expenses for the nine months increased by $2.5 million, mainly due to higher variable production costs and increased depreciation [7]. Investment and Growth Strategy - Middlesex invested approximately $72 million in upgrading and enhancing its water and wastewater utility infrastructure during the first nine months of 2025, representing about 77% of its planned annual investment of $93 million [8]. - The company executed an asset purchase agreement to acquire the Pinewood Acres water utility assets in Delaware for $0.2 million, serving approximately 350 customers [10]. Dividend Announcement - The Board of Directors declared a fourth-quarter cash dividend of $0.36 per common share, marking a 5.88% increase from the previous dividend of $0.34, raising the annual dividend rate to $1.44 from $1.36 [11].