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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Operating Revenue | Slight Miss* | $60.21 mln | $60.45 mln (2 Analysts) |
Q3 EPS | $0.95 | ||
Q3 Net Income | $18.03 mln | ||
Q3 Operating Expenses | $37.94 mln | ||
Q3 Operating Income | $22.27 mln | ||
Q3 Pretax Profit | $20.47 mln |
*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.)