Following the release of its 2024 financial results, Middlesex Water Company (NASDAQ: MSEX) shares are on a significant increase on the US stock charts today. MSEX stock as of the most recent trading session was trading at $56.58, representing a remarkable 12.88% rise.
Strong Revenue Growth and Earnings
For the fourth quarter and the full year 2024, Middlesex Water reported a net income of $44.4 million, translating into a diluted profits per share (EPS) of $2.47. This is a significant increase, with net earnings up $12.8 million from the previous year.
The overall revenues of $191.9 million in 2024 were a $25.6 million increase over $166.3 million in 2023. The primary drivers of the income jump were the March 2024 permitted base rate increase by the New Jersey Board of Public Utilities (NJBPU) and increased consumer demand due to the weather.
Future Growth and Infrastructure Investment
In order to improve service dependability and regulatory compliance, Middlesex Water keeps making infrastructure improvements a top priority. MSEX set aside $75 million in 2024 to strengthen, replace, and upgrade its wastewater and water utility infrastructure. These strategic investments have significantly improved water quality, service security, and overall operating efficiency.
MSEX plans to invest over $93 million in infrastructure upgrades this year, replacing water mains in the Middlesex System, installing hydrants and meters, and performing various service and pipeline enhancements.
Strategic Acquisition to Expand Services
In an attempt to expand its reach, the Delaware Public Service Commission authorized Tidewater, a division of Middlesex Water, to spend around $4.6 million to purchase Ocean View’s water utility assets in February 2025. Today, Ocean View serves about 900 people in Sussex County, Delaware.
The deal should be finalized next month, expanding Tidewater’s regional reach. MSEX is dedicated to delivering reliable, high-quality water services while ensuring long-term, sustainable growth, and it has a strong financial foundation and well considered expansion plans.