Middlesex Water Q1 EPS $0.53 vs $0.59 YoY; revenue up 9.4% to $44.3M; acquires Ocean View

MIDDLESEX WATER CO

2025-Q1 EPS reported $0.53 revenue$44,301,000

Net income $9.5M ($0.53 diluted) vs $10.7M ($0.59) in Q1 2024; decrease due to $4.3M one-time recovery in prior year.
Operating revenue $44.3M, up $3.8M (+9.4%) driven by rate increases, customer growth, and higher consumption.
Completed acquisition of Ocean View water assets in Delaware for ~$4.6M, adding ~900 customers.
Filed third DSIC rate application for $1.9M annual revenues starting June 2025; plans $93M infrastructure investment in 2025.
Declared $0.34 quarterly dividend payable June 2, 2025 to holders of record May 15, 2025 (52nd year of increases).

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