Middlesex Water Q1 operating revenue rises on higher wholesale demand

Middlesex Water Co

30/04/2026 22:31

Overview

U.S. water utility's Q1 operating  revenue rose yr/yr on higher demand and rate increases

Diluted EPS for Q1 increased to $0.57 from $0.53 a year earlier

Company invested $21 mln in water and wastewater infrastructure upgrades during Q1

Outlook

Company did not provide specific financial guidance for the current or future periods in its press release

Result Drivers

WHOLESALE DEMAND AND RATE INCREASES - Co said higher wholesale demand, customer consumption, and base rate increases in the Middlesex System drove operating revenue growth

CUSTOMER GROWTH AND RATE INCREASES - Co said increased customer consumption, customer growth and rate increases in the Tidewater System contributed to higher revenue

HIGHER OPERATING COSTS - Co said operating expenses rose due to increased variable production costs from higher production resulting from increased customer demand and higher labor cost due to wage and employee headcount increases, partially offset by higher capitalizable costs

Company press release: ID:nGNX5S9nDg

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Operating Revenue
Miss
$48.71 mln
$49.75 mln (2 Analysts)
Q1 EPS
$0.57
Q1 Net Income
$10.61 mln
Q1 Operating Expenses
$35.61 mln
Q1 Operating Income
$13.10 mln
Q1 Pretax Profit
$11.89 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "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 $60.00, about 15.4% above its April 29 closing price of $51.99

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.)