Middlesex Water Reports Third Quarter Earnings Results for Fiscal Year 2023
December 4, 2023
🌥️Earnings Overview
MIDDLESEX ($NASDAQ:MSEX): On November 9, 2023, Middesex Water reported their earnings results for the third quarter of 2023, ending September 30, 2023. Their total revenue for that time was $46.7 million, a 2.1% decrease from the same period the previous year. Additionally, their net income fell by 30.1%, to $10.0 million.
Market Price
Middlesex Water reported its third quarter earnings results for the fiscal year 2023 on Thursday. The stock opened at $64.3 and closed at $63.3, down by 0.2% from prior closing price of 63.5. The company implemented a number of initiatives during the quarter, including investments in infrastructure and technology to meet customer needs and ensure high-quality service delivery. Additionally, the firm also continued to focus on cost containment and operational efficiencies to further improve profitability. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Middlesex Water. More…
| Total Revenues | Net Income | Net Margin |
| 166.5 | 32.81 | 19.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Middlesex Water. More…
| Operations | Investing | Financing |
| 57.11 | -98.47 | 41.43 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Middlesex Water. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.24k | 821.75 | 23.73 |
Key Ratios Snapshot
Some of the financial key ratios for Middlesex Water are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.0% | 2.2% | 26.1% |
| FCF Margin | ROE | ROA |
| -24.8% | 6.5% | 2.2% |
Analysis
GoodWhale recently performed an analysis of what type of investors may be interested in MIDDLESEX WATER, a company classified as ‘cow’ according to Star Chart. According to our analysis, MIDDLESEX WATER is likely to pay out consistent and sustainable dividends, making it an attractive investment for those looking for secure and reliable returns. MIDDLESEX WATER showed a health score of 6/10 when considering its cashflows and debt, suggesting that the company has the capacity to sustain future operations in times of crisis. While MIDDLESEX WATER is strong in areas such as asset, dividend, and profitability, it is weaker in areas of growth. With its intermediate health score and strong performance in core areas, MIDDLESEX WATER provides a safe and secure option for those looking to invest their money. More…
Peers
The company’s competitors include Artesian Resources Corp, The York Water Co, and American Water Works Co Inc.
– Artesian Resources Corp ($NASDAQ:ARTNA)
Artesian Resources Corp is a water utility company that serves the greater Baltimore and Wilmington areas. The company has a market cap of 494.09M as of 2022 and a Return on Equity of 10.87%. The company is engaged in the business of providing water and wastewater services to residential, commercial, and industrial customers.
– The York Water Co ($NASDAQ:YORW)
The York Water Company, founded in 1816, is the oldest investor-owned water utility in the United States. It is a water and wastewater utility company that serves approximately 70,000 customers in south central Pennsylvania. The company’s market capitalization is $634.16 million as of 2022, and its return on equity is 8.18%. The York Water Company is committed to providing safe, reliable, and affordable water and wastewater services to its customers.
– American Water Works Co Inc ($NYSE:AWK)
American Water Works Company, Inc. is the largest investor-owned water and wastewater utility company in the United States, based on operated revenue. The company provides water and wastewater services to an estimated 14 million people in 46 states. It has approximately 7,100 employees and operates 86 utility subsidiaries. The company’s headquarters is in Camden, New Jersey.
American Water Works Company’s market capitalization is $25.28 billion as of 2022. The company’s return on equity is 17.48%.
American Water Works Company provides water and wastewater services to residential, commercial, and industrial customers in the United States. The company also supplies water to public utilities and municipalities. In addition, it engages in the wastewater treatment, desalination, and water reuse businesses.
Summary
Investors may be concerned by Middlesex Water‘s latest earnings results, which showed total revenue decreasing by 2.1% and net income falling by 30.1%. The company reported USD 46.7 million in total revenue and USD 10.0 million in net income for the third quarter of 2023. These results may lead investors to believe that investing in Middlesex Water could be a high risk move, but they should keep in mind that, since the company is well-established, it could bounce back from this quarter’s decline. Investors should consider conducting further research on the company before making any investment decisions.
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