Middlesex Water (MSEX) Reports Strong Q1 2024 Results

Middlesex Water Company (MSEX) recently released its financial results for the first quarter of 2024, showcasing significant changes in key metrics compared to the previous period. The operating revenues for the first quarter of 2024 stood at $40.5 million, marking a notable increase from the $38.2 million reported in the corresponding period of 2023. Additionally, the net income saw a substantial rise, reaching $10.7 million in the first quarter of 2024, compared to $5.9 million in the same period of 2023. Correspondingly, the earnings per share (EPS) also demonstrated an upward trajectory, with the figure climbing to $0.59 in the first quarter of 2024, up from $0.33 in the first quarter of 2023.

The company's utility plant investments in New Jersey and Delaware depicted a declining trend in recent years, dropping from $932 million in 2023 to an estimated $378 million in 2024. Conversely, the number of customers in these regions has been steadily increasing, with the count expected to reach 66,110 in New Jersey and 64,780 in Delaware in 2024.

In terms of capital expenditures, Middlesex Water Company outlined its planned investments for the years 2024 to 2026. The estimated capital expenditure for the distribution/network system is projected to rise from $42 million in 2024 to $50 million in 2026, while the investment in the production system is anticipated to decrease from $26 million in 2024 to $11 million in 2026. Furthermore, the company plans to allocate $4 million for Information Technology (IT) systems in 2024, with a subsequent increase to $6 million in 2026.

The financial performance of Middlesex Water Company has been reflected in its dividend payments to shareholders. The dividends paid per share exhibited a steady increase over the years, climbing from $0.98 in 2019 to $1.26 in 2023. Additionally, the company's diluted EPS, which was $2.39 in 2022, experienced a decline to $1.76 in 2023.

Middlesex Water Company also highlighted its commitment to sustainability and community engagement, emphasizing its environmental stewardship, compliance with regulations, and support for local communities through various initiatives and events.

These figures and developments indicate the evolving financial landscape and strategic initiatives undertaken by Middlesex Water Company, showcasing shifts in key financial metrics and its broader focus on sustainability and community involvement. Following these announcements, the company's shares moved -2.2%, and are now trading at a price of $55.34. Check out the company's full 8-K submission here.

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