Middlesex Water Q3 Profit Declines - Quick Facts

(RTTNews) - Middlesex Water Co. (MSEX) Wednesday reported a decline in profit for the third quarter, hurt by lower revenues.

The Iselin, New Jersey-based company's third-quarter net earnings applicable to common stock were $5.8 million, or $0.36 per share, compared with $6.1 million, or $0.38 per share in the comparable quarter last year. On average, two analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter declined to $31.29 million from $32.35 million in the prior-year quarter, while two analysts expected revenues of $32.20 million for the quarter.

On October 22, 2013, the company's Board of Directors approved an increase in the quarterly cash dividend on common stock to $0.1900 from $0.1875. The new dividend rate is payable December 2, 2013 to shareholders of record as of November 15, 2013.