Middlesex Water Q1 2023: EPS $0.33 vs $0.68 (incl one-time gain); revenue $38.2M

MIDDLESEX WATER CO

2023-Q1 EPS reported $0.33 revenue$38,156,000

Quarterly operating revenues $38.2M, up $2.0M (5.5%) from Q1 2022; Middlesex System revenue up $2.2M from rate increase.
Net income decreased $6.2M; diluted EPS $0.33 vs $0.68 in Q1 2022 which included $5.2M pre-tax gain on sale of Delaware wastewater subsidiary.
O&M expenses increased $1.1M driven by higher production costs, chemicals, and labor costs.
Quarterly dividend $0.3125/share declared, payable June 1, 2023 to holders of record May 12, 2023; dividend unchanged.
Virtual annual meeting scheduled for May 23, 2023 at 11:00 AM EDT.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MIDDLESEX WATER CO reported the quarter ended March 31, 2023 results: revenue $38.2 million, EPS $0.33 per diluted share.

Period: the quarter ended March 31, 2023
Revenue: $38.2 million
EPS: $0.33 per diluted share
Result: reported results

Exact text from the filing

of water and wastewater services, today reported first quarter financial results. First Quarter 2023 Results Quarterly consolidated operating revenues rose $2.0 million to $38.2 million compared to the same period in 2022. Revenues in our Middlesex System increased $2.2 million primarily due to the final phase of the 2021 New Jersey Board of Public Utilities’

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Source: SEC EDGAR

accession 0001174947-23-000675

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