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Middlesex Water (MSEX) Q4 Earnings Top, Revenues In Line

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Middlesex Water Company (MSEX - Free Report) reported fourth-quarter 2018 adjusted earnings of 43 cents per share, beating the Zacks Consensus Estimate by a penny.

Further, the bottom line improved 34.4% from 32 cents in the year-ago period.

Total Revenues

The company’s operating revenues were $33.3 million, in line with Zacks Consensus Estimate.  The top line improved 5.8% on a year-over-year basis. This improvement was due to the introduction of new water rates and customer growth in its service territories.

Middlesex Water Company Price, Consensus and EPS Surprise

Operational Update

In the quarter under review, Middlesex Water’s total operating expenses were $26.1 million, up 12.6% year over year.

Interest expenses totaled $1.8 million, up 18.7% year over year.
 
Financial Update

As of Dec 31, 2018, Middlesex Water’s cash and cash equivalents were $3.7 million compared with $4.9 million in the corresponding period of 2017.

As of Dec 31, 2018, the company’s long-term debt was $152.8 million compared with $139.1 million in the comparable year-ago period.

Recent Releases

American Water Works Company (AWK - Free Report) posted fourth-quarter 2018 earnings per share of 69 cents, which is in line with the Zacks Consensus Estimate and the year-ago figure.

Aqua America Inc. (WTR - Free Report) reported fourth-quarter 2018 earnings per share of 31 cents, lagging the Zacks Consensus Estimate by a penny.

American States Water Company (AWR - Free Report) generated fourth-quarter 2018 operating earnings of 37 cents per share, in line with the Zacks Consensus Estimate.
 
Zacks Rank

Middlesex Water currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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