Middlesex Water Q3 revenue rises on higher demand, rate increases
MSEX•Middlesex Water’s third-quarter operating revenue rose year over year to $60.21 million, while diluted EPS increased to $0.95 and net income was $18.03 million. The company raised its quarterly dividend by 5.56%, is seeking $2.5 million in additional annual revenue through rate petitions and plans about $126 million in infrastructure investment in 2026.
1. Quarterly results
Middlesex Water reported third-quarter operating revenue of $60.21 million, up year over year, and diluted EPS of $0.95. Net income was $18.03 million, operating expenses were $37.94 million and operating income was $22.27 million. Higher wholesale demand, customer consumption and base rate increases drove revenue growth in the Middlesex System; customer growth, higher consumption and rate increases boosted Tidewater System revenue.
2. Rates and investment
The company raised its quarterly dividend by 5.56% and is seeking $2.5 million in additional annual revenue through rate petitions to the NJBPU. It plans about $126 million in infrastructure investment in 2026 and said it will continue focusing on infrastructure investment and selective growth under its MWC 2030 Vision. Higher customer demand also drove increased variable production and employee costs.
