Water utility Middlesex's Q3 revenue misses estimates

Middlesex Water Co

31/10/2025 20:59

Overview

Middlesex Water Q3 operating revenue misses analyst expectations

Diluted EPS for Q3 2025 at $0.77, down from $0.80 last year

Company acquired Pinewood Acres water utility assets in Delaware

Outlook

Company expects $0.9 mln annual revenue increase from new DSIC rate application

Middlesex plans $93 mln investment in infrastructure for 2025

Result Drivers

LOWER CONSUMPTION - Operating revenue decreased due to lower water consumption driven by unfavorable weather, partially offset by rate increases and customer growth

EXPENSE REDUCTION - Operating expenses decreased due to higher capitalizable costs and lower legal, financial, and regulatory costs, despite higher variable production costs and depreciation

INFRASTRUCTURE INVESTMENT - Middlesex invested $72 million in water and wastewater utility infrastructure, representing 77% of its 2025 capital budget

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Operating Revenue
Miss
$54.09 mln
$56.08 mln (3 Analysts)
Q3 EPS
$0.77
Q3 Net Income
$13.95 mln
Q3 Operating Expenses
$36.38 mln
Q3 Operating Income
$17.70 mln
Q3 Pretax Profit
$15.38 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and 1 "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 $66.00, about 13.8% above its October 30 closing price of $56.92

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 21 three months ago

Press Release: ID:nGNXYYCxv

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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.)