Middlesex Water Q2 Profit Rises; Declares Dividend

(RTTNews) - Middlesex Water Co. (MSEX) Friday reported a rise in profit for the second quarter, helped by higher revenues.

The Iselin, New Jersey-based company's second-quarter net earnings applicable to common stock were $4.4 million, or $0.28 per share, compared with $3.7 million, or $0.23 per share in the comparable quarter last year. On average, two analysts polled by Thomson Reuters expected the company to earn $0.30 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter rose 6.2% to $29.1 million from $27.4 million in the prior-year quarter.

Further, the company's Board of Directors declared a quarterly cash dividend of $0.1875 per share, payable September 3, 2013 to common shareholders as of August 15, 2013.