Middlesex Water Q2 revenue beats estimates on wholesale customer demand

Middlesex Water

30/07/2026 21:30

Overview
US water utility's Q2 operating revenue rose, beating analyst expectations
Diluted EPS for Q2 increased to $0.79 from $0.60 last year
Revenue growth driven by higher wholesale demand, customer use, and rate increases

Outlook
Company did not provide specific financial guidance for the current or future periods

Result Drivers
WHOLESALE DEMAND - Co said increased wholesale customer demand contributed to higher revenue in the quarter
CUSTOMER CONSUMPTION AND GROWTH - Co said higher customer consumption and growth, along with rate increases, boosted revenues in both the Middlesex and Tidewater Systems
OPERATING EXPENSES - Co said operations and maintenance expenses rose due to higher allowance for credit loss reserve and employee-related costs, partially offset by higher capitalizable costs

Company press release: ID:nGNX4CHQbh

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Operating Revenue
Beat
$56.36 mln
$54.51 mln (3 Analysts)
Q2 EPS
 
$0.79
 
Q2 Net Income
 
$14.77 mln
 
Q2 Operating Expenses
 
$38.13 mln
 
Q2 Operating Income
 
$18.23 mln
 
Q2 Pretax Profit
 
$16.56 mln
 

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 Co is $64.00, about 11.8% above its July 29 closing price of $57.25
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads
July 29 - American Water Q2 revenue beats estimates helped by rate increases, acquisitions
July 30 - California Water Service Q2 revenue rises on retroactive rate increases
July 27 - H2O America Q2 adjusted EPS beats estimates 

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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.)