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Middlesex Water (MSEX) Q4 Earnings & Revenues Miss Estimates
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Middlesex Water Company (MSEX - Free Report) reported fourth-quarter earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 49 cents by 18.4%. The bottom line declined 2.4% from the year-ago quarter’ 41 cents.
For full-year 2022, MSEX reported earnings of $2.39 per share, up 15.4% from $2.07 in 2021.
Revenues
Fourth-quarter revenues totaled $38.8 million, which missed the Zacks Consensus Estimate of $39 million by 0.5%. The top line increased 14.1% from the year-ago quarter’s reported figure of $34 million.
Full-year 2022 revenues totaled $162.4 million, up 13.5% from $143.1 million reported in the previous year.
Middlesex Water Company Price, Consensus and EPS Surprise
Fourth-quarter operating expenses totaled $30.7 million, up 10.8% from the year-ago quarter’s $27.7 million. The company reported operating income of $8.1 million, up 28.5% from the year-ago quarter’s $6.3 million. Its interest expense of $2.8 million was up 27.3% from $2.2 million in the prior-year quarter.
MSEX’s total operating expenses for 2022 came in at $120.3 million, up 9.5% from $109.9 million in the previous year. Its total operating income for 2022 came in at $47.3 million, up 42.5% from $33.2 million in 2021. Total interest expense was $9.4 million, up 16% from $8.1 million in the previous year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022, were $3.8 million compared with $3.5 million as of Dec 31, 2021.
Long-term debt was $290.3 million as of Dec 31, 2022, compared with $306.5 million as of Dec 31, 2021.
Middlesex Water’s net cash provided by operating activities for 2022 was $61.4 million compared with $33 million in the previous year.
American States Water Co. (AWR - Free Report) is slated to report fourth-quarter results on Mar 1, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 84 cents per share, implying a year-over-year increase of 52.7%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $2.71, implying a year-over-year increase of 8.4%. AWR’s current dividend yield is 1.74%, better than the Zacks S&P 500 Composite’s yield of 1.63%.
California Water Service Group (CWT - Free Report) is slated to report fourth-quarter results on Mar 1, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, implying a year-over-year increase of 214.3%.
The Zacks Consensus Estimate for 2023 EPS is $1.91, implying a year-over-year increase of 19.2%. Its current dividend yield is 1.77%.
Global Water Resources, Inc. (GWRS - Free Report) is slated to report fourth-quarter results on Mar 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 3 cents per share, implying a year-over-year increase of 50%.
GWRS’s long-term (three to five years) earnings growth is currently pegged at 15%. The Zacks Consensus Estimate for 2023 EPS is 25 cents, implying a year-over-year increase of 8.7%.
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Middlesex Water (MSEX) Q4 Earnings & Revenues Miss Estimates
Middlesex Water Company (MSEX - Free Report) reported fourth-quarter earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 49 cents by 18.4%. The bottom line declined 2.4% from the year-ago quarter’ 41 cents.
For full-year 2022, MSEX reported earnings of $2.39 per share, up 15.4% from $2.07 in 2021.
Revenues
Fourth-quarter revenues totaled $38.8 million, which missed the Zacks Consensus Estimate of $39 million by 0.5%. The top line increased 14.1% from the year-ago quarter’s reported figure of $34 million.
Full-year 2022 revenues totaled $162.4 million, up 13.5% from $143.1 million reported in the previous year.
Middlesex Water Company Price, Consensus and EPS Surprise
Middlesex Water Company price-consensus-eps-surprise-chart | Middlesex Water Company Quote
Highlights of the Release
Fourth-quarter operating expenses totaled $30.7 million, up 10.8% from the year-ago quarter’s $27.7 million. The company reported operating income of $8.1 million, up 28.5% from the year-ago quarter’s $6.3 million. Its interest expense of $2.8 million was up 27.3% from $2.2 million in the prior-year quarter.
MSEX’s total operating expenses for 2022 came in at $120.3 million, up 9.5% from $109.9 million in the previous year. Its total operating income for 2022 came in at $47.3 million, up 42.5% from $33.2 million in 2021. Total interest expense was $9.4 million, up 16% from $8.1 million in the previous year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022, were $3.8 million compared with $3.5 million as of Dec 31, 2021.
Long-term debt was $290.3 million as of Dec 31, 2022, compared with $306.5 million as of Dec 31, 2021.
Middlesex Water’s net cash provided by operating activities for 2022 was $61.4 million compared with $33 million in the previous year.
Zacks Rank
Middlesex Water Company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Upcoming Releases
American States Water Co. (AWR - Free Report) is slated to report fourth-quarter results on Mar 1, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 84 cents per share, implying a year-over-year increase of 52.7%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $2.71, implying a year-over-year increase of 8.4%. AWR’s current dividend yield is 1.74%, better than the Zacks S&P 500 Composite’s yield of 1.63%.
California Water Service Group (CWT - Free Report) is slated to report fourth-quarter results on Mar 1, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, implying a year-over-year increase of 214.3%.
The Zacks Consensus Estimate for 2023 EPS is $1.91, implying a year-over-year increase of 19.2%. Its current dividend yield is 1.77%.
Global Water Resources, Inc. (GWRS - Free Report) is slated to report fourth-quarter results on Mar 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 3 cents per share, implying a year-over-year increase of 50%.
GWRS’s long-term (three to five years) earnings growth is currently pegged at 15%. The Zacks Consensus Estimate for 2023 EPS is 25 cents, implying a year-over-year increase of 8.7%.