Middlesex Water Reports First Quarter 2023 Results – Middlesex Water…

Middlesex Water Reports First Quarter 2023 Results – Middlesex Water…

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ISELIN, NJ, May 1, 2023 (GLOBE NEWSWIRE) — Middlesex Water Company (“Middlesex” or the “Company”) MSEX a provider of water and wastewater services, today announced first quarter financial results.

First Quarter 2023 Results
Consolidated quarterly operating income increased $2.0 million to $38.2 million compared to the same period in 2022. Revenue in our Middlesex system increased $2.2 million primarily due to the final phase of the January 1st approved 2021 base rate hike approved by the New Jersey Board of Public Utilities. 2023 and higher contract customer demand. In our Delaware system, revenue decreased by $0.5 million due to lower customer connection fees and lower revenue from a 2022 Delaware Public Service Commission rate reduction order. Nonregulated revenue increased $0.3 million primarily due to higher ancillary contract benefits.

Operating and maintenance expenses for the first quarter of 2023 increased $1.1 million over the same period in 2022. The increase was largely due to higher variable production costs due to increased customer demand, higher chemical costs related to inflation and fluctuations in raw water quality, and increased labor costs.

Net income for the quarter ended March 31, 2023 decreased $6.2 million compared to the same period in 2022. Diluted earnings per share were $0.33 and $0.68 for the three months ended March 31, 2023 and 2022, respectively. Results for the first quarter of 2022 include pre-tax income of $5.2 million the sale of Middlesex’s regulated wastewater subsidiary in Delaware in January 2022.

Dennis W. Doll, Middlesex Chairman, President and Chief Executive Officer, said: “First quarter results are historically the least contributor to annual earnings as we approach warmer weather and associated peak water usage funding our large capital program, inflation, Ongoing supply chain challenges, increased regulation and maintaining a stable…



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