The 10-second takeaway
For the quarter ended March 31 (Q1), Middlesex Water beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue increased. GAAP earnings per share increased significantly.
Margins increased across the board.
Middlesex Water reported revenue of $27.0 million. The two analysts polled by S&P Capital IQ hoped for a top line of $26.1 million on the same basis. GAAP reported sales were 15% higher than the prior-year quarter's $23.5 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.20. The two earnings estimates compiled by S&P Capital IQ predicted $0.17 per share. GAAP EPS of $0.20 for Q1 were 82% higher than the prior-year quarter's $0.11 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 42.9%, 400 basis points better than the prior-year quarter. Operating margin was 21.7%, 520 basis points better than the prior-year quarter. Net margin was 11.8%, 410 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $29.8 million. On the bottom line, the average EPS estimate is $0.31.
Next year's average estimate for revenue is $117.1 million. The average EPS estimate is $1.00.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 51 members out of 59 rating the stock outperform, and eight members rating it underperform. Among 25 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 21 give Middlesex Water a green thumbs-up, and four give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Middlesex Water is outperform, with an average price target of $20.50.
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