Middlesex Water Q2 revenue beats estimates on wholesale customer demand
Middlesex Water Q2 revenue beats estimates on wholesale customer demand
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
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(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.)
Recent news on Middlesex Water
See all newsMiddlesex Water Co reports results for the quarter ended June 30 - Earnings Summary
Middlesex Water Q2 revenue beats estimates on wholesale customer demand
Brief: Middlesex Water Q2 EPS USD 0.79
Middlesex Water Co expected to post earnings of 66 cents a share - Earnings Preview
Middlesex Water Q1 operating revenue rises on higher wholesale demand