Middlesex Water raises dividend 5.56% to $0.38 per share, extends annual increases
Key Facts
Middlesex Water announced on October 23 a quarterly cash dividend of $0.38 per common share, up 5.56% from the $0.36 dividend announced in July, according to a company statement. The decision raises the annual dividend rate to $1.52 per share from $1.44. The company said the increase marks its 54th consecutive year of dividend increases. It added that it has paid cash dividends, in varying amounts, every year since 1912. The company provides regulated and unregulated water and wastewater services in New Jersey and Delaware, and says its services reach more than half a million people. The dividend announcement followed the company’s earlier scheduling of its third-quarter results, for the quarter ended September 30, for October 29.
Results for the second quarter of 2026 show an improvement in net income and earnings per share compared with the same period a year earlier. Net income was $14.8 million and diluted earnings per share were $0.79, versus $10.8 million and $0.60, respectively, in the second quarter of 2025, according to the company statement. Operating revenue was $56.4 million, an increase of $7.0 million year over year. The increase came from both of the company’s systems: Middlesex System revenue rose $5.3 million, while Tidewater System revenue increased $1.7 million. The company attributed growth in the Middlesex System to higher demand from wholesale customers, customer consumption and base rate increases. It attributed the rise in Tidewater revenue to higher customer consumption, customer growth and rate increases.
Nadine Leslie, president and chief executive officer, said that “strong earnings were driven in part by increased demand from wholesale customers and favorable weather.” A comparison with the third quarter of 2025 provides further context for the company’s performance: net income then was $14.0 million and diluted earnings per share were $0.77. In the third quarter of 2024, net income was $14.3 million and diluted earnings per share were $0.80. Operating revenue was $54.1 million in the third quarter of 2025, down $1 million from the prior year. The company attributed the decline to lower consumption amid unfavorable weather, partially offset by rate increases and customer growth. It said that “the decrease was attributable to lower consumption due to unfavorable weather, partially offset by the impact of rate increases and customer growth.”
The dividend trend comes as the company plans a multiyear capital investment program. The company estimates capital spending of about $126 million in 2026, while the total program for 2026–2028 is about $506 million. The program allocates about $255 million to upgrades at the Carl J. Olson plant and the integration of treatment to remove PFAS from source water. This allocation reflects a key part of the spending plan, alongside the other investments included in the program. The dividend increase therefore coincides with a three-year capital plan, according to figures the company reported in its filing with the U.S. Securities and Exchange Commission.
The company announced on October 15 that it would release its third-quarter results after the market close on October 29, noting that the quarter ended on September 30. The dividend announcement issued on October 23 was separate from that previously announced results schedule. Under the terms of the new dividend, November 16, 2026 is the record date, while December 1 is the payment date. Middlesex Water shares, trading under the ticker MSEX, closed at $55.38 on October 28, according to EL7 data. These dates place the dividend record and payment in the month after its announcement, while the previously scheduled results release was set for October 29.