Middlesex Water 2023 net income down 26% to $31.5M; diluted EPS $1.76

MIDDLESEX WATER CO

2023-FY EPS reported $1.76 revenue$166,274,000

Operating revenues increased to $166.3M, up $3.8M (+2.3%) from 2022, driven by base rate case and PWCA clause revenues.
Net income decreased $10.9M to $31.5M; diluted EPS fell to $1.76 from $2.39, partly due to absence of $5.2M gain on sale of wastewater subsidiary in 2022.
Board increased quarterly dividend by 4.0% to $0.325/share, marking 51st consecutive annual increase; payable March 1, 2024.
Nadine Leslie assumes role of President and CEO effective March 1, 2024, succeeding Dennis W. Doll who remains Chairman.
Operations and maintenance expenses rose $4.0M to $83.1M on higher production costs; depreciation up $2.2M on increased utility plant.

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, 2023 results: revenue $166.3 million, net income $31.5 million, EPS $1.76 per share on a fully diluted basis.

Period: the year ended December 31, 2023
Revenue: $166.3 million
Net income: $31.5 million
EPS: $1.76 per share on a fully diluted basis
Result: reported results

Exact text from the filing

or the “Company”) (NASDAQ:MSEX) today announced financial results for the year ended December 31, 2023. 2023 OPERATING RESULTS Consolidated operating revenues increased to $166.3 million for the year ended December 31, 2023, up $3.8 million from 2022. factors affecting operating revenues were: · A net $4.2 million increase in our Middlesex System revenues due to

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Source: SEC EDGAR

accession 0001174947-24-000278

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