The 10-second takeaway
For the quarter ended June 30 (Q2), Middlesex Water beat expectations on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue increased and GAAP earnings per share was unchanged.
Gross margins were steady, operating margins improved, net margins contracted.
Middlesex Water reported revenue of $27.4 million. The three analysts polled by S&P Capital IQ hoped for sales of $26.8 million on the same basis. GAAP reported sales were 5.0% higher than the prior-year quarter's $26.1 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 $0.23. The three earnings estimates compiled by S&P Capital IQ predicted $0.23 per share. GAAP EPS of $0.23 were the same as the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 46.1%, about the same as the prior-year quarter. Operating margin was 26.3%, 50 basis points better than the prior-year quarter. Net margin was 13.6%, 30 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $30.1 million. On the bottom line, the average EPS estimate is $0.32.
Next year's average estimate for revenue is $106.6 million. The average EPS estimate is $0.83.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 50 members out of 58 rating the stock outperform, and eight members rating it underperform. Among 24 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 18 give Middlesex Water a green thumbs-up, and six 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 $20.00.
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