Middlesex Water Company (NASDAQ: MSEX) held its annual shareholders meeting on May 20, 2025, where President & Chief Executive Officer Nadine Leslie and Vice President, General Counsel & Secretary Jay L. Kooper presented the company's performance highlights.
In 2024, the company reported operating revenues of $191.9 million, representing a 15.4% increase from the previous year. Net income also saw a significant growth, rising by 40.6% to reach $44.4 million. Diluted earnings per share followed suit, increasing by 40.3% to $2.47.
The company's MWC2030 VISION strategy was a key factor in driving this growth, with a focus on stakeholder management, selective and sustainable growth, customer experience, operational excellence, and employee engagement. The implementation of a $75 million capital expenditure program also played a crucial role in the company's expansion, leading to the addition of 2,100 new customers.
Middlesex Water Company's commitment to employee satisfaction, learning and development, workforce planning, performance and efficiency, safety, and compliance has contributed to its operational excellence. Additionally, the company's focus on customer satisfaction, service delivery and efficiency, digital transformation, and utility infrastructure investment has enhanced its customer experience.
Looking ahead, the company aims to continue its growth trajectory through constructive regulatory environment, operate-to-own initiatives, investor relations, regulatory agencies engagement, industry groups collaboration, and community leadership.
As a result of these announcements, the company's shares have moved -1.47% on the market, and are now trading at a price of $57.17. Check out the company's full 8-K submission here.
