Middlesex Water Company reported third‑quarter 2025 results for the three months ended September 30, 2025, showing net income of $14.0 million and diluted earnings per share of $0.77, compared with $14.3 million and $0.80 in the same quarter last year. Operating revenues were $54.1 million, a $1.0 million decline from the prior year’s $55.1 million, largely due to lower consumption driven by unfavorable weather, partially offset by rate increases and customer growth.
The company invested $72 million in capital projects during the nine months ended September 30, 2025, representing 77% of its planned $93 million 2025 infrastructure program. A new Distribution System Improvement Charge (DSIC) rate application is expected to generate an additional $0.9 million in annual revenue, supplementing the $2.3 million already generated by earlier DSIC filings.
Middlesex Water increased its dividend to $0.36 per share, a 5.88% rise from the $0.34 dividend declared in July. This marks the company’s 53rd consecutive year of dividend growth and sets the annual dividend at $1.44 per share, payable December 1, 2025 to shareholders of record as of November 17, 2025.
The company also announced the acquisition of Pinewoods Acres water‑utility assets in Delaware, covering approximately 350 customers. The purchase price was $0.2 million and is part of the MWC2030 strategy to broaden service coverage and enhance operational efficiency.
Management noted that the Q3 earnings per share of $0.77 missed analyst estimates of $0.85 to $0.92, reflecting the impact of lower consumption and the need to invest heavily in infrastructure. The company also reported $0.4 million in PFAS settlement proceeds in Q3 and an additional $0.7 million in October, intended for customer benefit pending approvals.
Middlesex Water issued shares under its at‑the‑market program, generating $16.7 million in net proceeds in Q3 and $20.3 million year‑to‑date, with significant capacity remaining. The company’s capital investment and share issuance support its long‑term infrastructure goals.
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