---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-23-000257"
form_type: "8-K"
ticker: "MSEX"
cik: "0000066004"
company_name: "MIDDLESEX WATER CO"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T01:02:05.239177+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174947-23-000257
- form_type: 8-K
- ticker: MSEX
- cik: 0000066004
- company_name: MIDDLESEX WATER CO
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/66004/000117494723000257/0001174947-23-000257-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/66004/000117494723000257/form8k-29494_msx.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-23-000257
- JSON: https://secwatch.observer/filing/0001174947-23-000257.json
- Plain text: https://secwatch.observer/filing/0001174947-23-000257.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/66004/000117494723000257/0001174947-23-000257-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.