Core 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].

Core 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].

Core Viewpoint - Middlesex Water Company reported a decrease in net income and diluted EPS for Q1 2025 compared to the same period in 2024, primarily due to a one-time recovery in the previous year, despite growth in operating revenue and customer base [2][3]. Financial Performance - Net income for Q1 2025 was $9.5 million, with diluted EPS of $0.53, down from $10.7 million and $0.59 in Q1 2024 [2][9]. - Operating revenue increased to $44.3 million, up $3.8 million from $40.5 million in the same quarter last year, driven by rate increases, higher consumption, and customer growth [3][14]. - Operating expenses rose to $32.7 million, an increase of approximately $2.0 million from $30.7 million in Q1 2024, mainly due to higher variable production costs and increased weather-related main break activity [4][14]. Growth Initiatives - The company completed the acquisition of Ocean View water utility assets for approximately $4.6 million, expanding its customer base by serving around 900 customers in Sussex County, Delaware [5][9]. - Middlesex plans to invest approximately $93 million in 2025 to upgrade and enhance its water and wastewater utility infrastructure, having already invested about $19 million in Q1 2025 [7][11]. Rate Applications and Revenue - Middlesex filed a third Distribution System Improvement Charge (DSIC) rate application expected to generate $1.9 million in annual revenues starting June 2025, in addition to existing revenues from previous DSIC filings [6][11]. Dividend Declaration - The Board of Directors declared a second quarter cash dividend of $0.34 per common share, to be paid on June 2, 2025, marking 52 consecutive years of dividend increases [10][11].