Oct 29, 2026, 4:02 PM ETUtilities

Middlesex Water Company — Third Quarter 2026 Earnings Summary

MSEXMIDDLESEX WATER CO

Financial Performance

Reported net income of $18.0 million for the third quarter of 2026, up from $14.0 million in the same quarter of 2025.
Diluted earnings per share (EPS) reached $0.95 for Q3 2026, compared to $0.77 in Q3 2025.
Operating revenues for Q3 2026 totaled $60.2 million, an increase of $6.1 million year-over-year.
Year-to-date net income for the nine months ended September 30, 2026, was $43.4 million, a $9.2 million increase from $34.2 million in 2025.
Year-to-date diluted EPS was $2.31 for the nine months ended September 30, 2026, compared to $1.90 in 2025.
Year-to-date operating revenues were $165.3 million, an increase of $17.6 million compared to the same period in 2025.
Operating expenses for Q3 2026 were $37.9 million, an increase of approximately $1.6 million from the prior year.
Year-to-date operating expenses increased $7.1 million to $111.7 million, driven by higher operations and maintenance expenses and other taxes.

The company is executing its "MWC 2030 Vision" to pursue selective and sustainable growth to create long-term value.
Management indicated a focus on delivering solid earnings growth while investing in critical water and wastewater infrastructure.
In September 2026, Middlesex filed petitions with the New Jersey Board of Public Utilities (NJBPU) requesting $0.8 million in additional annual revenue via the Resiliency and Environmental System Improvement Charge and $1.7 million via the Distribution System Improvement Charge.

Middlesex System: Q3 revenues increased $4.7 million due to increased wholesale demand, customer consumption, and base rate increases; year-to-date revenues increased $13.5 million for similar reasons.
Tidewater System: Q3 revenues increased $1.2 million due to increased customer consumption, customer growth, and rate increases; year-to-date revenues increased $3.8 million.
Non-regulated revenues: Increased $0.2 million in Q3 and $0.3 million year-to-date, primarily due to higher supplemental contract services.
In October 2026, Tidewater Utilities, Inc. acquired the water utility assets of Mount Pleasant MHP, LLC for $25 thousand, serving 39 customers in New Castle County, Delaware.

Middlesex serves more than half a million people in New Jersey and Delaware.
The company is one of the nation's premier investor-owned water and wastewater utilities.

Operations and maintenance expenses increased due to higher variable production costs from customer demand and employee-related costs.
Other taxes increased due to higher gross receipts taxes on higher revenues in the Middlesex System.
The press release includes standard forward-looking statement disclaimers noting that actual results may differ materially from expectations due to assumptions and estimates.

Nadine Leslie, Chair, President, and CEO, stated that strong results reflect increased wholesale demand, higher customer consumption, and continued execution of the regulatory strategy.
Management emphasized a focus on strengthening system reliability and investing in infrastructure.

The company invested approximately $84 million in water and wastewater utility infrastructure during the nine months ended September 30, 2026, representing 67% of its planned 2026 annual investment of approximately $126 million.
The Board of Directors declared a fourth-quarter cash dividend of $0.38 per common share, a 5.56% increase from the $0.36 per share dividend declared in July 2026.
The new annual dividend rate is $1.52 per share, up from $1.44, marking Middlesex's 54th consecutive year of dividend increases.
The dividend is payable December 1, 2026, to shareholders of record as of November 16, 2026.
Middlesex has paid cash dividends every year since 1912.