Middlesex Water reports 2022 revenue $162.4M, net income $42.4M, EPS $2.39, dividend up 7.76%

MIDDLESEX WATER CO

2022-FY EPS reported $2.39 revenue$162,292,000

Revenue $162.4M, up $19.3M YoY; net income $42.4M ($2.39 diluted EPS) vs $36.5M ($2.07) in 2021.
Dividend increased 7.76% in Q3 2022, marking 50th consecutive year of increases; quarterly dividend $0.3125/share payable March 1, 2023.
Operating revenues increase driven by $21.6M base rate increase in NJ and $0.9M customer growth in DE, partially offset by 6% rate reduction in DE.
Operation and maintenance expenses up $5.4M to $79.1M due to labor, production costs, and main break activity.
Company begins offering shares at 3% discount under Investment Plan until 200,000 shares purchased or Dec 1, 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MIDDLESEX WATER CO reported the year ended December 31, 2022 results: revenue $162.4 million, net income $42.4 million, EPS $2.39 per share on a fully diluted basis.

Period: the year ended December 31, 2022
Revenue: $162.4 million
Net income: $42.4 million
EPS: $2.39 per share on a fully diluted basis
Result: reported results

Exact text from the filing

Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the year ended December 31, 2022. 2022 OPERATING RESULTS Consolidated operating revenues increased to $162.4 million for the year ended December 31, 2022, up $19.3 million from 2021. The increase in operating revenues was primarily due to: · $21.6 million increase in the Middlesex System in New Jersey due to a January 1, 2022 base rate increase and higher weather driven demand across all customer classes in New Jersey; and · $0.9 million increase related to customer growth in our Delaware system, Tidewater Utilities, Inc., partially offset by a 6% rate reduction effective September 1, 2022. Operation and maintenance expenses for the year ended December 31, 2022 increased to $79.1 million, an increase of $5.4 million from the same period in 2021, primarily due to increased labor and employee benefits costs, higher variable production costs due to increased demand, weather-driven ch

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Source: SEC EDGAR

accession 0001174947-23-000257

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