Middlesex Water Q3 net income falls 45% to $0.56 EPS; revenue drops to $46.7M

MIDDLESEX WATER CO

2023-Q3 EPS reported $1.44 revenue$46,715,000

Q3 2023 net income decreased $4.3M to $0.56 diluted EPS vs $0.80 YoY.
Revenues fell $1.0M to $46.7M due to lower customer demand in NJ and DE systems.
Operations and maintenance expenses rose $2.3M on higher purchased water and treatment costs.
Board declared $0.325 quarterly dividend, a 4% increase from $0.3125, payable Dec 1, 2023.
YTD diluted EPS $1.44 vs $1.99; net income down $9.5M.

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 nine months ended September 30, 2023 results: revenue $127.7 million, EPS $1.44.

Period: the nine months ended September 30, 2023
Revenue: $127.7 million
EPS: $1.44
Result: reported results

Exact text from the filing

Revenues for the nine months ended September 30, 2023, were $127.7 million, an increase of $4.1 million over the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MIDDLESEX WATER CO reported the quarter ended September 30, 2023 results: revenue $46.7 million, EPS $0.56.

Period: the quarter ended September 30, 2023
Revenue: $46.7 million
EPS: $0.56
Result: reported results

Exact text from the filing

Revenues for the quarter ended September 30, 2023 decreased $1.0 million to $46.7 million, compared to the same period in 2022.

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Source: SEC EDGAR

accession 0001174947-23-001372

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