Middlesex Water Co.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Diluted EPS rose to $0.57: Net income was $10.6 million and diluted EPS was $0.57, against $9.5 million and $0.53 in the same quarter of 2025. Source
Operating revenues up $4.4 million: Operating revenues were $48.7 million, up $4.4 million from the same quarter of 2025, driven by the Middlesex and Tidewater systems. Source
Middlesex System revenue rose $3.4 million: Middlesex System revenue increased $3.4 million on wholesale demand, customer consumption and base rate increases. Source
Operating expenses up $2.9 million: Operating expenses were $35.6 million, up about $2.9 million from $32.7 million, mainly from variable production costs and labor. Source
Variable production costs rose: Variable production costs rose on higher production from increased customer demand. Source
About $21 million invested in quarter: The company invested about $21 million in water and wastewater infrastructure in the three months to March 31, 2026. Source

“Our first-quarter results reflect disciplined execution across our operations, capital program, and regulatory strategy,”
Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company

Guidance

Area	Period	Figure	Against last quarter
Capital investment Source	2026	$126 million	Kept
Dividend Source	second quarter 2026	$0.36 per common share	Kept

What changed from last quarter

Guidance kept: Planned 2026 annual investment stays at $126 million, the figure given in the prior quarter. Source

Results and growth drivers

Diluted EPS rose to $0.57: Net income was $10.6 million and diluted EPS was $0.57, against $9.5 million and $0.53 in the same quarter of 2025. Source
Operating revenues up $4.4 million: Operating revenues were $48.7 million, up $4.4 million from the same quarter of 2025, driven by the Middlesex and Tidewater systems. Source
Operating income rose to $13.1 million: Operating income was $13.1 million against $11.6 million a year earlier. Allowance for funds used during construction was $0.6 million. Source

Segments and regions

Middlesex System revenue rose $3.4 million: Middlesex System revenue increased $3.4 million on wholesale demand, customer consumption and base rate increases. Source
Tidewater revenue up $0.8 million: Tidewater System revenue increased $0.8 million, attributed to customer consumption, customer growth and rate increases. Source
Non-regulated revenue up $0.2 million: Non-regulated and other operating revenues increased $0.2 million, primarily due to higher supplemental contract services. Source

“We remain focused on delivering reliable service, investing strategically for long-term growth, and advancing our MWC 2030 Vision.”
Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company

Costs and operating expenses

Operating expenses up $2.9 million: Operating expenses were $35.6 million, up about $2.9 million from $32.7 million, mainly from variable production costs and labor. Source
Variable production costs rose: Variable production costs rose on higher production from increased customer demand. Source
Labor cost rose with headcount: Labor cost rose on wage and headcount increases, partly offset by higher capitalizable costs. Source

Capital investment and financing costs

About $21 million invested in quarter: The company invested about $21 million in water and wastewater infrastructure in the three months to March 31, 2026. Source
Interest charges rose to $3.2 million: Interest charges were $3.2 million against $2.7 million in the same quarter of 2025. Source
Construction funds allowance increased: The allowance for funds used during construction was $0.6 million, compared with $0.4 million in the same quarter of 2025. Source

Earnings, taxes and share count

Income taxes rose slightly: Income taxes were $1.3 million against $1.2 million, and net income was $10.6 million against $9.5 million. Source
Diluted shares rose to 18.6 million: Average diluted common shares were 18.6 million against 18.0 million a year earlier, and basic shares were 18.5 million. Source
Preferred dividend requirement declined: Preferred stock dividend requirements were $18 thousand against $22 thousand, leaving earnings applicable to common stock at $10.6 million. Source

Strategy, dividend and company profile

Serves over half a million people: Middlesex describes itself as a provider of life-sustaining services to more than half a million people in New Jersey and Delaware. Source
Dividend record since 1912: Middlesex has paid cash dividends each year since 1912 and has increased the dividend each calendar year for 53 consecutive years. Source
Company stated focus areas: The company lists employee engagement, operational excellence, customer experience, infrastructure investment, and selective and sustainable growth as its focus. Source

Coming up, as management said on 30 April 2026

Annual Meeting on May 19: Annual Meeting is set for May 19, 2026 at 11:00 a.m. EDT, with virtual access. Source
Q2 dividend payable June 1: The $0.36 second quarter dividend is payable June 1, 2026 to holders of record as of May 15, 2026. Source

Figures management reported

Figure	Reported
Capital plan Source	$126 million planned 2026 annual investment
Capital invested Source	about $21 million in the quarter
Customer growth Source	cited as a Tidewater System revenue driver
Base rate increases Source	cited as a Middlesex System revenue driver

Earlier plans management reported on

Not stated: Management says it continues to advance the MWC 2030 Vision, with no status given in the document. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Middlesex Water Company Reports First Quarter 2026 Earnings

Diluted earnings per share (“EPS”) of $0.57
Invested $21 million in water and wastewater utility infrastructure during the three months ended March 31, 2026
Declared $0.36 common stock cash dividend

ISELIN, N.J., April 30, 2026 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the first quarter ended March 31, 2026.

“Our first-quarter results reflect disciplined execution across our operations, capital program, and regulatory strategy,” said Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company. “We remain focused on delivering reliable service, investing strategically for long-term growth, and advancing our MWC 2030 Vision. This performance underscores the strength of our fundamentals and the dedication of our employees in driving consistent operational and financial outcomes.”

First Quarter 2026 Results

Middlesex reported net income of $10.6 million and diluted EPS of $0.57, compared to net income of $9.5 million and diluted EPS of $0.53 for the same quarter in 2025.

Operating revenues for the quarter ended March 31, 2026, were $48.7 million, an increase of $4.4 million, compared to $44.3 million for the same quarter last year. Operating revenues increased $3.4 million in the Middlesex System due to increased wholesale demand, customer consumption and base rate increases and $0.8 million in the Tidewater System primarily attributable to increased customer consumption, customer growth and rate increases. Non-regulated and other operating revenues increased $0.2 million, primarily due to higher supplemental contract services.

Operating expenses for the quarter ended March 31, 2026, were $35.6 million, an increase of approximately $2.9 million, compared to $32.7 million for the same quarter last year. The increase is primarily driven by increased variable production costs from higher production resulting from increased customer demand, higher labor cost due to wage and employee headcount increases partially offset by higher capitalizable costs.

Selective and Sustainable Growth

Middlesex invested approximately $21 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the three months ended March 31, 2026, or approximately 17% of its planned 2026 annual investment of $126 million.

Annual Meeting and Dividend Declared

Middlesex will hold its Annual Meeting on Tuesday, May 19, 2026, at 11:00 a.m. EDT. Shareholders may obtain instructions to access the meeting by visiting www.virtualshareholdermeeting.com/MSEX2026 and entering the 16-digit control number listed on their Notice of Internet Availability of Proxy Materials or proxy card.

As previously announced on April 24, 2026, the Company’s Board of Directors declared a second quarter cash dividend of $0.36 per common share. Dividends on common shares will be paid on June 1, 2026, to shareholders of record as of May 15, 2026. Middlesex has paid cash dividends each year since 1912 and has increased the dividends received by shareholders each calendar year for 53 consecutive years.

About Middlesex Water Company

Middlesex Water Company (“Middlesex”) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.

Forward-Looking Statements

Forward-looking statements notice

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements reflect the Company’s current views and information currently available. This information is based on estimates, assumptions, and analysis that the Company believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees,” or the negative of those words or other comparable terminology. The Company intends that these statements be covered by the safe harbors created under those laws. Actual results, performance or achievements may differ materially from forward-looking statements, and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events or otherwise.

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)

	Three Months Ended March 31,
	2026		2025
Operating Revenues		$48,714		$44,301
Operating Expenses:
Operations and Maintenance	23,012		21,109
Depreciation	7,036		6,527
Other Taxes	5,564		5,108
Total Operating Expenses	35,612		32,744
Operating Income	13,102		11,557
Other Income:
Allowance for Funds Used During Construction	633		372
Other Income, net	1,369		1,425
Total Other Income, net	2,002		1,797
Interest Charges	3,214		2,713
Income before Income Taxes	11,890		10,641
Income Taxes	1,285		1,162
Net Income	10,605		9,479
Preferred Stock Dividend Requirements	18		22
Earnings Applicable to Common Stock		$10,587		$9,457
Earnings per share of Common Stock:
Basic		$0.57		$0.53
Diluted		$0.57		$0.53
Average Number of
Common Shares Outstanding:
Basic		18,545		17,890
Diluted		18,575		17,951

Contacts
Summer DeFEO, Director of Communications sdefeo@middlesexwater.com
(732) 638-7510
Jennifer Ketschke, Director, Investor Relations and Treasury
InvestorRelations@middlesexwater.com
(732) 638-7523