Middlesex(US:MSEX) Globenewswire·2026-02-19 21:48Core Viewpoint - Middlesex Water Company reported its financial results for the fourth quarter and year-end 2025, highlighting a decrease in net income compared to 2024, driven by various factors including weather impacts and one-time recoveries in the previous year [3][6]. Financial Performance - Net income for 2025 was $42.8 million, a decrease of $1.5 million from 2024, with diluted earnings per share (EPS) at $2.36 compared to $2.47 in 2024 [3][6]. - Operating revenues for 2025 were $194.7 million, an increase of approximately $2.8 million from 2024, driven by rate increases and customer growth [4]. - Operating expenses increased by $1.7 million in 2025, primarily due to higher depreciation expenses, although operating and maintenance expenses decreased [5]. Quarterly Results - For the fourth quarter of 2025, net income was $8.6 million with diluted EPS of $0.46, compared to $8.8 million and $0.49 in the same quarter of 2024 [6]. Growth Strategy - The company invested approximately $96 million in 2025 to enhance its water and wastewater utility infrastructure [7]. - Plans for 2026 include an investment of approximately $126 million in infrastructure, with a total of $506 million expected from 2026 to 2028 [8]. Regulatory Developments - The New Jersey Board of Public Utilities approved a settlement agreement that will increase annual operating revenues by $14.5 million, with new rates effective February 23, 2026 [10]. - A Resiliency and Environmental System Improvement Charge (RESIC) and a Distribution System Improvement Charge (DSIC) were also approved, allowing for semi-annual surcharge filings for qualifying capital investments [11]. Acquisitions and Dividends - In January 2026, the company acquired the water utility assets of Pinewood Acres for $0.2 million, serving approximately 350 customers [12]. - A cash dividend of $0.36 per common share was declared for the first quarter of 2026, continuing a long history of dividend payments since 1912 [13].