Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-3.82%
$53.28
0% positive prob.
5-Day Prediction
-4.26%
$53.03
0% positive prob.
20-Day Prediction
-5.41%
$52.39
0% positive prob.
| Quarter | Signal | 1D Return | 5D Return | 20D Return | Confidence | Actual 5D |
|---|---|---|---|---|---|---|
| Q3 2026 | SELL | -3.82% | -4.26% | -5.41% | 100.0% | Pending |
| Q2 2026 | BUY | +2.33% | +5.53% | +4.85% | 65.6% | +2.80% |
SEC 8-K filings with transcript text
Oct 29, 2026 · 100% conf.
1D
-3.82%
$53.28
Act: +2.46%
5D
-4.26%
$53.03
20D
-5.41%
$52.39
2 msex-20261029exx991.htm
Document
Middlesex Water Company Reports Third Quarter 2026 Earnings
•Diluted earnings per share (“EPS”) of $0.95
•Invested $84 million in water and wastewater utility infrastructure during the nine months ended September 30, 2026
•Declared $0.38 common stock cash dividend, a 5.56% increase
ISELIN, N.J., October 29, 2026 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the third quarter ended September 30, 2026.
“Our strong third-quarter results reflect increased wholesale demand, higher customer consumption, and the continued execution of our regulatory strategy,” said Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company. “As we deliver solid earnings growth, we remain focused on investing in critical water and wastewater infrastructure, strengthening system reliability, and pursuing selective and sustainable growth under our MWC 2030 Vision to create long-term value for customers and shareholders.”
Third Quarter 2026 Results
Middlesex reported net income of $18.0 million and diluted EPS of $0.95, compared to net income of $14.0 million and diluted EPS of $0.77 for the same quarter in 2025.
Operating revenues for the quarter ended September 30, 2026, were $60.2 million, an increase of $6.1 million, compared to the same quarter last year. Operating revenues for the Middlesex System increased $4.7 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $1.2 million due to increased customer consumption, customer growth and rate increases. Non-regulated revenues increased $0.2 million, primarily due to higher supplemental contract services.
Operating expenses for the quarter ended September 30, 2026, were $37.9 million, an increase of approximately $1.6 million, compared to the same quarter last year. Operations and maintenance expenses increased $1.1 million primarily due to increases in variable production costs from higher customer demand and employee related costs, partially offset by higher capitalizable costs; and other taxes increased $0.5 million due to higher gross receipts taxes on higher revenues in the Middlesex System. Depreciation expense decreased $0.1 million from the same period in 2025 due to the implementation of depreciation rates from the study approved by the New Jersey Board of Public Utilities ("NJBPU"), partially offset by higher average utility plant in service.
Year-to-Date Results
Net income for the nine months ended September 30, 2026, was $43.4 million, a $9.2 million increase when compared to the same period in 2025. Diluted earnings per share were $2.31 and $1.90 for the nine months ended September 30, 2026, and 2025, respectively.
Operating revenues for the nine months ended September 30, 2026, were $165.3 million, an increase of approximately $17.6 compared to the same period in 2025. Middlesex System revenues increased $13.5 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $3.8 million due to increased customer consumption, customer growth, and rate increases. Non-regulated revenues increased $0.3 million, primarily due to higher supplemental contract services.
Operating expenses for the nine months ended September 30, 2026, increased $7.1 million compared to the same period in 2025. Operations and maintenance expenses increased $5.4 million primarily due to increases in allowance for credit loss reserve, employee related costs and variable production costs from higher customer demand, partially offset by higher capitalizable costs. Depreciation expense increased $0.5 million due to higher average utility plant in service, partially offset by the implementation of depreciation rates from the study approved by the NJBPU. Other taxes increased $1.3 million due to higher gross receipts taxes on higher revenues in the Middlesex System.
Selective and Sustainable Growth
Middlesex invested approximately $84 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the nine months ended September 30, 2026, or approximately 67% of its planned 2026 annual investment of approximately $126 million.
In September 2026, Middlesex filed Resiliency and Environmental System Improvement Charge and Distribution System Improvement Charge petitions with the NJBPU requesting $0.8 million and $1.7 million of additional annual revenues, respectively.
In October 2026, the Delaware Public Service Commission approved the joint application by Tidewater Utilities, Inc. ("Tidewater") and Mount Pleasant MHP, LLC ("Mount Pleasant") for Tidewater to purchase the water utility assets of Mount Pleasant for $25 thousand. Mount Pleasant serves 39 customers in New Castle County, Delaware.
Dividend Declared, 5.56% Increase Announced
On October 23, 2026, the Com
Jul 30, 2026 · 66% conf.
1D
+2.33%
$57.11
Act: +2.67%
5D
+5.53%
$58.90
Act: +2.80%
20D
+4.85%
$58.52
Transcript text not available. View on SEC.gov →
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0000066004 false
0000066004
2023-05-01 2023-05-01
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 1, 2023
(Exact name of registrant as specified in its charter)
New Jersey 0-422 22-1114430
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
485C Route 1 South, Suite 400, Iselin, New Jersey 08830
(Address of Principal Executive Offices) (Zip Code)
732-634-1500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, No Par Value
The NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 1, 2023, Middlesex Water Company announced its financial results for the quarter ended March 31, 2023. A copy of the press release announcing these results is attached hereto as Exhibit 99.1 and incorporated into this Form 8-K by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number Description of Document
99.1 Press Release issued by Middlesex Water Company, dated May 1, 2023 announces First Quarter 2023 Financial Results.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.
(Registrant)
/s/A. Bruce O’Connor
A. Bruce O’Connor
Senior Vice President, Treasurer and
Chief Financial Officer
Dated: May 1, 2023
2
Feb 24, 2023
2 ex99-1.htm
Exhibit 99.1
ISELIN, NJ, (February 24, 2023) - Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the year ended December 31, 2022.
Consolidated operating revenues increased to $162.4 million for the year ended December 31, 2022, up $19.3 million from 2021. The increase in operating revenues was primarily due to:
·$21.6 million increase in the Middlesex System in New Jersey due to a January 1, 2022 base rate increase and higher weather driven demand across all customer classes in New Jersey; and
·$0.9 million increase related to customer growth in our Delaware system, Tidewater Utilities, Inc., partially offset by a 6% rate reduction effective September 1, 2022.
Operation and maintenance expenses for the year ended December 31, 2022 increased to $79.1 million, an increase of $5.4 million from the same period in 2021, primarily due to increased labor and employee benefits costs, higher variable production costs due to increased demand, weather-driven changes in water quality and higher chemical prices, as well as higher weather-related main break activity in our Middlesex system.
Income Taxes for the year ended December 31, 2022 increased $8.7 million from the same period in 2021 due to income taxes on the gain of the sale of a subsidiary and the expiration of amortized income tax benefits associated with the adoption of Internal Revenue Service tangible property regulations.
Net income for the year increased $5.9 million to $42.4 million, compared to $36.5 million in 2021. Earnings applicable to common stock for the year ended December 31, 2022 were $42.3 million, or $2.39 per share on a fully diluted basis, compared to $36.4 million or $2.07 per diluted share for the same period in 2021.
“As we complete our 125th year of service, we remain focused on continuously enhancing drinking water quality and protecting public health through a variety of infrastructure investments. These capital intensive initiatives include continued construction progress to upgrade treatment to comply with new regulatory requirements at our New Jersey wellfield facility, our ongoing RENEW Program to replace water mains, service lines and fire hydrants and our Lead Service Line Replacement initiative,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll. “We increased our dividend 7.76% in the third quarter of 2022 representing our 50th consecutive year of dividend increases. These achievements plus our ongoing commitment to training and development and solid governance practices help to ensure we have the people, business processes and overall operations excellence to continue delivering quality service to our customers and value for our shareholders,” added Doll.
As previously announced in February 2023, the Board of Directors of Middlesex Water Company declared a quarterly cash dividend of $0.3125 per common share payable on March 1, 2023 to shareholders of record as of February 14, 2023. The Company has paid cash dividends continually since 1912.
Also, on March 1, 2023, the Company will begin offering shares of its common stock for purchase at a 3% discount to participants in the Middlesex Water Company Investment Plan. The discount offering will continue until 200,000 shares are purchased at the discounted price or December 1, 2023, whichever event occurs first.
Established in 1897, Middlesex Water Company serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware. Middlesex is focused on meeting the needs of our employees, customers, and shareholders. We invest in our people, our infrastructure and the communities we serve to support reliable and resilient utility services, economic growth and quality of life. To learn more about Middlesex Water, visit https://www.middlesexwater.com
This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “MSEX” or the “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements
Oct 28, 2022
2 ex99-1.htm
Exhibit 99.1
ØQuarterly operating revenue up 19.7%
ØNet Income up 24.5%
ØCompany Marks 50th Consecutive Year of Dividend Increases
ISELIN, NJ October 28, 2022 Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported third quarter diluted earnings per share of $0.80, as compared to $0.65 per share for the same period in 2021. Net income increased $2.8 million to $14.3 million.
Third Quarter Results
Consolidated operating revenues for the three months ended September 30, 2022 increased $7.9 million to $47.7 million compared to the same period in 2021. The increase in revenues were primarily due to:
·$7.6 million increase in the Middlesex System in New Jersey due to the New Jersey Board of Public Utilities (“NJBPU”) approved January 1, 2022 base rate increase and higher weather-driven customer demand; and
·$0.6 million increase related to customer growth in our Delaware systems and higher weather-driven demand, partially offset by a 6% rate reduction effective September 1, 2022.
Operation 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 main break activity in our Middlesex System and increased labor and employee benefits costs, as well as increased transportation costs due to 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 expiration of income tax benefits associated with the adoption of Internal Revenue Service (“IRS”) tangible property regulations. Middlesex was required by the NJBPU to account for the benefit of adopting these regulations over 48 months beginning in 2018.
“We remain focused on delivering high quality drinking water to our customers, on maintaining the safety and security of our employees and facilities and on investing in infrastructure and technologies that further enhance our ability to respond to new environmental challenges and increasingly stringent regulations,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll. “We were pleased to recently dedicate our new ozone treatment facility in New Jersey and we continue to upgrade other critical utility infrastructure in both New Jersey and Delaware,” added Mr. Doll.
Nine Month Results
Consolidated operating revenues for the nine months ended September 30, 2022 were $123.6 million, an increase of $14.5 million from the same period in 2021. Revenues in our Middlesex System increased $15.7 million due to the NJBPU-approved January 1, 2022 base rate increase and higher weather-driven customer demand. In our Delaware system, revenues increased $1.2 million due to customer growth and a one-time customer credit issued in the first quarter of 2021 partially offset by a 6% rate reduction effective September 1, 2022. Also impacting nine month results was the sale of our regulated Delaware wastewater subsidiary, which reduced revenues by $2.0 million.
For the nine months ended September 30, 2022, diluted earnings per share were $1.99 as compared to $1.66 for the same period in 2021.
Operation and maintenance expenses for the nine months ended September 30, 2022 increased $3.7 million from the same period in 2021 primarily due to higher weather-related main break activity in our Middlesex System and higher labor and employee benefits costs.
Income taxes for the nine months ended September 30, 2022 increased by $6.8 million from the same period in 2021, due to improved operating results, the gain on the sale of our regulated Delaware wastewater subsidiary and the expiration of income tax benefits associated with the adoption of IRS tangible property regulations.
As previously announced, Middlesex’s Board of Directors declared a cash dividend of $0.3125 per common share, which represents a 7.76% increase over the dividend declared in July of 2022. The increase raises the annual dividend rate to $1.25 from $1.16 per share of common stock and marks the Company’s 50th consecutive year of dividend increases. The dividend is payable on December 1, 2022 to all shareholders of record as of November 16, 2022.
Established in 1897, Middlesex Water Company (NASDAQ:MSEX) serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a pop
Jul 29, 2022
2 ex99-1.htm
Exhibit 99.1
Iselin, NJ, (July 29, 2022) - Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported second quarter financial results.
Second Quarter 2022 Results
Quarterly consolidated operating revenues increased $3.0 million to $39.7 million compared to the same period in 2021. Revenues in our Middlesex System in New Jersey increased $4.4 million primarily due to the January 1, 2022 New Jersey Board of Public Utilities (the “NJBPU”) approved base rate increase. In our Delaware system, revenues decreased $0.1 million due to lower new customer connection fees. The sale of our regulated Delaware wastewater subsidiary in January 2022 reduced revenues by $0.7 million.
Operation and maintenance expenses for the second quarter of 2022 increased $1.6 million from the same period in 2021. The increase was primarily driven by higher weather related main break activity in our Middlesex system, increased labor costs and increased production costs due to weather-driven changes in water quality and higher chemical costs.
Income Taxes for the second quarter of 2022 increased $2.4 million from the same period in 2021 primarily due to the expiration of income tax benefits associated with the adoption of Internal Revenue Service (“IRS”) tangible property regulations. Middlesex was required by the NJBPU to account for the benefit of adopting these regulations over 48 months beginning in 2018.
Net income for the quarter ended June 30, 2022 decreased $2.1 million to $8.9 million, compared to the same period in 2021. Diluted earnings per share were $0.50 and $0.62 for the three months ended June 30, 2022 and 2021, respectively.
Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “Our teams continue to work to deliver shareholder value through prudent capital investments in infrastructure and upgrades to our treatment and distribution systems. In June we successfully began treating ground water for PFAS compounds. In addition to producing water that meets all state and federal standards, we’re focused on ensuring sufficient supplies to meet customer demands during the current lingering hot and dry temperatures,” added Mr. Doll.
Six Month Results
Consolidated operating revenues for the six months ended June 30, 2022 were $75.9 million, an increase of $6.6 million from the same period in 2021. Revenues in our Middlesex System increased $8.1 million primarily due to the January 1, 2022 NJBPU approved base rate increase. In our Delaware system, revenues increased $0.6 million due to customer growth and a one-time customer credit issued in the first quarter of 2021, partially offset by decreased customer water demand and lower new customer connection fees. Also impacting six month results was the sale of our regulated Delaware wastewater subsidiary, which reduced revenues by $1.3 million.
Operation and maintenance expenses for the six months ended June 30, 2022 increased $2.4 million from the same period in 2021 due to higher weather-related main break activity, increased labor costs and increased production costs due to weather-driven changes in water quality and higher chemical costs.
Middlesex recognized a $5.2 million pre-tax gain on the sale of its regulated wastewater subsidiary in January 2022.
Income taxes for the six months ended June 30, 2022 increased by $3.7 million from the same period in 2021, primarily due to income taxes on the gain on the sale of our regulated Delaware wastewater subsidiary, higher pre-tax operating income and the expiration of income tax benefits associated with the adoption of IRS tangible property regulations.
For the six months ended June 30, 2022, diluted earnings per share were $1.18 as compared to $1.01 for the same period in 2021.
Board Declares Dividend
As previously announced earlier this month, our Board of Directors declared a quarterly cash dividend of $0.29 per common share payable on September 1, 2022 to shareholders of record as of August 12, 2022. Middlesex has paid cash dividends in varying amounts continually since 1912 and has increased its annual dividend rate for 49 consecutive years. Information about Middlesex Water’s Investment Plan (Direct Share Purchase and Sale and Dividend Reinvestment Plan) can be found in the Investors section at https://www.middlesexwater.com
Established in 1897, Middlesex Water Company serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintena
Apr 29, 2022
2 ex99-1.htm
Exhibit 99.1
Highlights
·Revenues increased $3.7 million.
·Net Income rose by $5.2 million.
·Diluted EPS up $0.29 per share.
·Sale of Delaware regulated wastewater subsidiary.
Iselin, NJ, (April 29, 2022) - Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported first quarter financial results.
First Quarter 2022 Results
Quarterly consolidated operating revenues rose $3.7 million to $36.2 million compared to the same period in 2021. Revenues in our Middlesex System increased $3.8 million primarily due to the January 1, 2022 New Jersey Board of Public Utilities approved base rate increase. In our Delaware system, revenues increased $0.7 million due to customer growth and a one-time customer credit refund issued in the first quarter of 2021. This increase was offset by reduced revenues of $0.6 million due to the sale of our regulated Delaware wastewater subsidiary in January 2022.
Operation and maintenance expenses for the first quarter of 2022 increased $0.8 million from the same period in 2021. The increase was related to higher weather-related main break activity in our Middlesex System during the winter months and increased water treatment costs due to weather–driven changes in water quality.
Middlesex recognized a $5.2 million pre-tax gain on the sale of its regulated Delaware wastewater subsidiary in January 2022.
Income Taxes for the first quarter of 2022 increased $1.3 million from the same period in 2021 primarily due to taxes on the gain on the sale of our regulated Delaware wastewater subsidiary in January 2022.
Net income for the quarter ended March 31, 2022 increased $5.2 million, compared to the same period in 2021. Diluted earnings per share were $0.68 and $0.39 for the three months ended March 31, 2022 and 2021, respectively.
Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “The gain from the sale of our Delaware regulated wastewater subsidiary and the favorable outcome of our New Jersey rate case, which became effective January 1, 2022, had a positive impact on earnings. While we decided to strategically exit the Delaware regulated wastewater business, we continue to own and operate our non-regulated water and wastewater contract operations business in Delaware. Meanwhile, we added customers in our Delaware regulated water systems to further grow our footprint, positively impacting operating revenues and further growing shareholder value. Our dedicated teams continued to employ their technical skills in ensuring drinking water safety for our customers and to make capital improvements outlined under our Water For Tomorrow® initiative which includes water treatment upgrades and our annual RENEW Program to replace water mains, valves and hydrants,” added Mr. Doll.
Board Declares Dividend, Discount Remains in Effect
As previously announced in April 2022, our Board of Directors declared a quarterly cash dividend of $0.29 per common share payable on June 1, 2022 to shareholders of record as of May 13, 2022. Middlesex has paid cash dividends in varying amounts continually since 1912 and has increased its annual dividend rate for 49 consecutive years.
The Company’s 3% Discount, in effect on our Common Stock for participants in the Company’s Investment Plan on purchases made by optional cash payment or dividend reinvestment, is anticipated to continue until 200,000 shares are purchased at the discounted price or August 1, 2022, whichever occurs first. Information about Middlesex Water’s Investment Plan (Direct Share Purchase and Sale and Dividend Reinvestment Plan) is available in the Investors section at www.middlesexwater.com.
Virtual Annual Meeting Announced
Also, as previously announced, Middlesex Water will be holding its Annual Meeting online as a virtual only meeting on Monday, May 23, 2022 at 11:00 a.m. EDT. Shareholders may obtain instructions to access the meeting by visiting http://www.virtualshareholdermeeting.com/MSEX2022 and entering the 16-digit control number listed on their Notice of Internet Availability of Proxy Materials or proxy card.
Established in 1897, Middlesex Water Company serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware. Middlesex is focused on meeting the needs of our emplo
Feb 25, 2022
2 ex99-1.htm
Exhibit 99.1
ISELIN, NJ, (February 25, 2022) - Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) today announced financial results for the fourth quarter and year ended December 31, 2021.
Consolidated operating revenues increased to $143.1 million for the year ended December 31, 2021, up $1.5 million from 2020. The increase in operating revenues is primarily due to customer growth and increased water consumption related to higher demand from residential customers in our Delaware water systems and a full year of revenues from our contract to operate and maintain the Highland Park, New Jersey water and wastewater systems.
Operation and maintenance expenses for the year ended December 31, 2021 increased to $73.7 million, an increase of $2.9 million from the same period in 2020. Higher weather related main break activity in the Middlesex system during the winter months drove $0.5 million in additional costs. Other factors contributing to the increase were labor, business insurance premiums, transportation fuel prices and outside consulting services prompted by higher utility regulatory activity, including compliance with America’s Water Infrastructure Act of 2018.
Depreciation expense for the year ended December 31, 2021 increased to $21.1 million, an increase of $2.6 million from the same period in 2020 resulting from a higher level of utility plant in service, including the completion of a major upgrade at our largest water treatment plant in New Jersey.
Net income for the year decreased $1.9 million to $36.5 million, compared to $38.4 million in 2020. Earnings applicable to common stock for the year ended December 31, 2021 were $36.4 million, or $2.07 per share on a fully diluted basis, compared to $38.3 million or $2.18 per diluted share for the same period in 2020.
“We had been at the end of our historical ratemaking cycle in 2021 in light of significant capital investments over the past several years. These investments were acknowledged by our New Jersey regulators through a rate increase effective in January 2022. We remained focused on our major capital construction program in 2021 as evidenced by the completion of our new ozone treatment facility at our largest treatment plant in New Jersey. Having that facility in place positions us to better manage capacity and water quality and is integral in helping to ensure resilience in the face of climate and other operational anomalies. In addition, we continue to make progress in rehabilitating our New Jersey wellfield treatment facility to comply with new regulatory water quality requirements for groundwater in New Jersey. The strategic execution of these projects, our annual RENEW Program and our most recent announcement of our Lead Service Line Replacement initiative are all means by which Middlesex Water is working to further enhance drinking water quality and preserve and protect public health, while simultaneously driving shareholder value” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll.
For the three month period ended December 31, 2021, operating revenues were $34.0 million, down from $34.6 million for the same period in 2020. Operations and maintenance expenses were $18.4 million, up from $18.0 million for the same period in 2020. Net income decreased to $7.2 million from $8.3 million for the same period in 2020.
As previously announced in January 2022, the Board of Directors of Middlesex Water Company declared a quarterly cash dividend of $0.29 per common share payable on March 1, 2022 to shareholders of record as of February 14, 2022. The Company has paid cash dividends continually since 1912 and increased its dividend for the forty-ninth consecutive year in 2021.
Established in 1897, Middlesex Water Company serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware. Middlesex is focused on meeting the needs of our employees, customers, and shareholders. We invest in our people, our infrastructure and the communities we serve to support reliable and resilient utility services, economic growth and quality of life. To learn more about Middlesex Water, visit https://www.middlesexwater.com
This press release contains “forward-
This page provides Middlesex Water Company (MSEX) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on MSEX's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.