Middlesex Water Q2 revenue misses estimates at $49.3 mln

Overview

• Middlesex Water Q2 revenue misses analyst expectations, reaching $49.3 mln

• Diluted EPS for Q2 rises slightly to $0.60, driven by rate increases

• Co invested $51 mln in infrastructure, 55% of 2025 capital budget

Outlook

• Company's Delaware rate increase to boost annual revenue by $5.5 mln

• Middlesex seeks $24.9 mln NJ rate increase to recover investment

Result Drivers

• RATE INCREASES - Middlesex attributes revenue growth to rate increases and customer growth, despite lower consumption due to unfavorable weather

• INFRASTRUCTURE INVESTMENT - Co invested $51 mln in infrastructure, representing 55% of its 2025 capital budget
  
  

Key Details

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 is $66.00, about 21.3% above its July 30 closing price of $51.96

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 25 three months ago

Press Release: ID:nGNXxlvYV