Filing Flows › Middlesex Water (MSEX) › Q1 2025
Middlesex Water (MSEX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Middlesex Water (MSEX) reported revenue of $44.3M for the first quarter 2025 (Q1 2025), +9% from a year earlier and -6% from the quarter before. Operating margin was 26.1%, net earnings $9.5M (21.4% of revenue).
Middlesex Water, Q1 2025: revenue $44.3M (+9% year over year), operating margin 26.1%, net earnings $9.5M, operating cash flow $13.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $44.3M | -6% | +9% |
| Operating profit | $11.6M | +10% | +17% |
| Net earnings | $9.5M | +8% | -11% |
| Operating cash flow | $13.8M | -36% | +107% |
What changed
Revenue was $44.3M in Q1 2025, up 9% year over year and down 6% from the previous quarter. Regulated was the largest line at 94% of revenue. Regulated added $4.0M year over year (up 11%), 107% of the total change. Non Regulated declined 8%.
Operating profit was $11.6M, a 26.1% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 24% margin then. Total costs grew 7% against revenue growth of 9%. Net earnings were $9.5M, down 11% year over year. The effective tax rate was 10.9%.
Operating cash flow was $13.8M (up 107% year over year), 145% of net earnings. Non-cash charges added back $7.9M of depreciation and amortization and $389K of share-based compensation. Working capital and other items used $4.0M.
Questions
What was Middlesex Water's revenue in the first quarter 2025?
Middlesex Water (MSEX) reported revenue of $44.3M for the first quarter 2025 (Q1 2025), +9% from a year earlier and -6% from the quarter before.
Was Middlesex Water profitable in the first quarter 2025?
Operating profit was $11.6M (26.1% of revenue) and net earnings $9.5M.
Source: Middlesex Water 10-Q on SEC EDGAR.