MIDDLESEX WATER CO [MSEX], a leading water utility company, has released its financial results for the first nine months of 2023. The company reported a net income of $25.8 million, representing a decrease compared to the same period last year. However, the annual revenue of the company showed positive growth, reaching $127.7 million.
The company's operating income for the first nine months of 2023 was $30.9 million, reflecting a decline from the previous year. The decrease in operating income can be attributed to higher operating expenses, including operations and maintenance. Despite the decrease in operating income, Middlesex Water Co managed to maintain a stable financial position with a total common equity of $419.6 million and a total capitalization of $776 million.
Middlesex Water Co achieved a stable revenue growth of 3.1% for the first nine months of 2023, compared to the same period last year. This growth can be attributed to the increase in water production and transmission and distribution. The company continues to invest in its utility plant, with capital expenditures of $73.1 million, including the allowance for funds used during construction.
The company's balance sheet remains strong, with net utility plant assets of $985.5 million and current assets of $135.8 million. Middlesex Water Co has managed its liabilities effectively, with long-term debt of $354.3 million and current liabilities of $121.3 million. The company also has significant contributions in aid of construction of $120.2 million, demonstrating its commitment to infrastructure development.
Middlesex Water Co reported basic earnings per share of $1.45 and diluted earnings per share of $1.44 for the first nine months of 2023. These figures represent a decrease from the previous year, reflecting the decline in net income. However, the company remains focused on maintaining shareholder value and has paid dividends of $16.6 million to common stockholders and $0.09 million to preferred stockholders during the period.
Looking ahead, Middlesex Water Co is optimistic about its future prospects. The company continues to prioritize capital investments in its utility plant, ensuring the delivery of high-quality water services to its customers. Additionally, Middlesex Water Co is committed to enhancing operational efficiency and exploring growth opportunities in the water utility sector.
In conclusion, Middlesex Water Co's financial results for the first nine months of 2023 reflect a decrease in net income but a stable growth in revenue. The company remains dedicated to its mission of providing reliable water services to its customers while maintaining a strong financial position. With its focus on infrastructure development and operational efficiency, Middlesex Water Co is well-positioned for future growth in the water utility industry.