MSEXP · Middlesex Water Company PFD 7%

Middlesex Water Company reported solid first-quarter 2026 results, with net income rising to $10.6 million ($0.57 diluted EPS) from $9.5 million ($0.53 diluted EPS) in the prior-year period. Operating revenues increased 10% to $48.7 million, driven by a $3.4 million increase in the Middlesex System (higher wholesale demand, customer consumption, and base rate increases) and a $0.8 million increase in the Tidewater System (customer growth, consumption, and rate increases). Non-regulated revenues added $0.2 million from higher supplemental contract services. Operating expenses rose 8.8% to $35.6 million, primarily due to higher variable production costs from increased demand, wage inflation, and headcount growth, partially offset by higher capitalizable costs. Operating income improved to $13.1 million from $11.6 million. The company invested $21 million in infrastructure during the quarter, representing 17% of its planned $126 million annual capital program. Management highlighted disciplined execution and progress on its MWC 2030 Vision. A second-quarter cash dividend of $0.36 per share was declared, continuing a 53-year streak of annual dividend increases. The annual meeting is scheduled for May 19, 2026.