Middlesex Water Q3 revenue rises on higher demand, rate increases 

Overview

• U.S. water utility's Q3 operating revenue rose yr/yr on higher demand and rate increases

• Diluted EPS for Q3 increased yr/yr

• Company raised quarterly dividend by 5.56%

Outlook

• Company seeking $2.5 mln in additional annual revenues from NJBPU rate petitions

• Company plans total 2026 infrastructure investment of about $126 mln

• Company to continue focus on infrastructure investment and selective growth under MWC 2030 Vision

Result Drivers

• WHOLESALE DEMAND & RATE INCREASES - Co said higher wholesale demand, customer consumption and base rate increases drove revenue growth in the Middlesex System

• CUSTOMER GROWTH - Co said customer growth and higher consumption, along with rate increases, boosted Tidewater System revenues

• HIGHER PRODUCTION COSTS - Co said increased variable production and employee costs were driven by higher customer demand

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the water & related utilities peer group is "buy"

• Wall Street's median 12-month price target for Middlesex Water Company is $64.00, about 15.6% above its October 28 closing price of $55.38

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 21 three months ago

Reuters Recommended Reads

• Oct 28 - American Water Q3 results miss on higher costs

• Oct 29 - California Water Service Q3 revenue rises on rate hikes, customer growth

• Oct 27 - Guangdong Investment 9M revenue rises on water resources strength

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)