Middlesex Water Company (NASDAQ:MSEX) 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 (NYSE:AWK) 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. (NYSE:WTR) reported fourth-quarter 2018 earnings per share of 31 cents, lagging the Zacks Consensus Estimate by a penny.
American States Water Company (NYSE:AWR) 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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Middlesex Water Company (MSEX): Free Stock Analysis Report
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