- Quarterly revenue up 19.7%
- Net profit up 24.5%
- Logo 50thth Consecutive year of dividend increases
ISELIN, NJ, Oct. 28, 2022 (GLOBE NEWSWIRE) — Middlesex Water Company (“Middlesex” or the “Company”) MSEX a provider of water and wastewater services, today reported third-quarter diluted earnings per share of $0.80, compared to $0.65 per share for the same period in 2021. Net income increased by $2.8 million US dollars to US$14.3 million.
Third Quarter Results
Consolidated operating income for the three months ended September 30, 2022 increased by $7.9 million to $47.7 million compared to the same period in 2021. The increase in revenue was primarily due to:
- $7.6 million increase in Middlesex system in New Jersey due to base rate increase approved by the New Jersey Board of Public Utilities (“NJBPU”) on January 1, 2022 and higher weather-related customer demand; and
- $0.6 million increase related to customer growth in our Delaware systems and higher weather-related demand, partially offset by a 6% rate reduction effective September 1, 2022.
Operating and maintenance expenses for the three months ended September 30, 2022 increased $1.4 million from the same period in 2021 primarily due to higher peak break activity in our Middlesex system and increased labor and benefits costs and increased transportation costs due higher fuel prices.
Income taxes for the third quarter of 2022 increased $3.0 million from the same period in 2021 due to improved operating results and the phasing out of income tax benefits related to the implementation of the Internal Revenue Service (“IRS”) substantive property rules. Middlesex has been required by the NJBPU to report on the benefits of adopting these regulations over a 48 month period starting in 2018.
“We remain focused on providing our customers with quality drinking water, ensuring the safety of our employees and facilities, and investing in infrastructure and technology that will support our…
