Overview

* Middlesex Water ( MSEX ) 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/Mis Actual Consensu

s s

Estimate

Q3 Miss $54.09 $56.08

Operatin mln mln (3

g Analysts

Revenue )

Q3 EPS $0.77

Q3 Net $13.95

Income mln

Q3 $36.38

Operatin mln

g

Expenses

Q3 $17.70

Operatin mln

g Income

Q3 $15.38

Pretax mln

Profit

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 ( MSEX ) 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:

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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.)