Middlesex Water Company reported its financial results for the third quarter and the first nine months of 2025, revealing a slight decline in operating revenues but stable profitability. For the three months ended September 30, 2025, the company generated operating revenues of $54.1 million, down from $55.1 million in the same period of 2024. Net income for the quarter was $13.96 million, compared to $14.32 million a year earlier, resulting in earnings per share of $0.77, down from $0.80. For the nine-month period, revenues increased to $147.72 million from $144.77 million, while net income decreased to $34.22 million from $35.55 million.
The company's operating expenses for the third quarter decreased to $36.39 million from $37.60 million in the prior year, primarily due to lower operations and maintenance costs. Notably, depreciation expenses rose to $6.94 million from $6.31 million, reflecting increased utility plant investments. The company also reported a decrease in other income, which fell to $1.89 million from $1.97 million, largely due to lower returns from retirement benefit plans. Interest charges increased to $4.20 million from $3.41 million, attributed to higher average debt levels.
Strategically, Middlesex Water completed the acquisition of the water utility assets of the Town of Ocean View, Delaware, for approximately $4.6 million, which serves about 900 customers. This acquisition is expected to enhance the company's service capabilities in Sussex County. Additionally, the company is actively involved in a multi-district litigation settlement related to perfluoroalkyl substances (PFAS), with initial payments received from 3M Company and expectations for further payments in the coming months.
Operationally, Middlesex Water serves approximately 61,000 retail customers in New Jersey and 64,000 in Delaware. The company has been focusing on infrastructure improvements, with plans to invest approximately $93 million in 2025 for various projects, including the replacement of aging water mains and the construction of new elevated water tanks. The company anticipates that customer growth will continue, although it may face challenges due to current economic conditions. Looking ahead, Middlesex Water aims to manage operating costs effectively while seeking timely rate relief to support its ongoing investments and maintain service quality.
About MIDDLESEX WATER CO
Middlesex Water Company provides regulated water and wastewater services primarily in New Jersey and Delaware. It serves residential, commercial, industrial, and fire protection customers through its own systems and contracted operations. The company emphasizes water quality, infrastructure investment, and regulatory compliance, leveraging a diversified business model with core competitive advantages in service reliability, environmental standards, and strategic acquisitions.
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