Middlesex Water reports 2024 EPS of $2.47, up from $1.76; net income $44.4 million
Middlesex Water reported 2024 net income of $44.4 million and diluted EPS of $2.47, up from $31.5 million and $1.76 in 2023. Revenue rose $25.6 million to $191.9 million, driven mainly by a New Jersey base rate increase and higher weather-driven customer demand, which points to stronger earnings for shareholders.
- 2024 net income of $44.4 million, up $12.8 million from 2023; diluted EPS of $2.47 versus $1.76
- 2024 revenues of $191.9 million, up $25.6 million from $166.3 million; Middlesex System revenues rose $19.9 million on the base rate increase approved in March 2024
- Fourth quarter 2024 net income of $8.8 million and diluted EPS of $0.49, versus $5.8 million and $0.32 in the fourth quarter of 2023
- Board declared a first quarter 2025 dividend of $0.34 per share, payable March 3, 2025; Ocean View water utility asset purchase for about $4.6 million expected to close by April 2025