---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-24-000278"
form_type: "8-K"
ticker: "MSEX"
cik: "0000066004"
company_name: "MIDDLESEX WATER CO"
filed_at: "2024-02-29T23:59:59+00:00"
generated_at: "2026-06-05T07:31:59.952301+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174947-24-000278
- form_type: 8-K
- ticker: MSEX
- cik: 0000066004
- company_name: MIDDLESEX WATER CO
- filed_at: 2024-02-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/66004/000117494724000278/0001174947-24-000278-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/66004/000117494724000278/form8k-31662_msx.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-24-000278
- JSON: https://secwatch.observer/filing/0001174947-24-000278.json
- Plain text: https://secwatch.observer/filing/0001174947-24-000278.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/66004/000117494724000278/0001174947-24-000278-index.htm

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