Shares of Middlesex Water Company (MSEX) soared by 6.01% on November 1, 2024, after the company reported impressive third-quarter earnings results that surpassed analysts' expectations.
The water utility company reported earnings per share (EPS) of $0.80 for the quarter ended September 30, significantly higher than the average analyst estimate of $0.68 per share. Additionally, Middlesex Water's operating revenue for the quarter rose to $55.1 million, outpacing analysts' forecasts of $52.4 million.
The strong financial performance can be attributed to various factors, including the company's effective cost management strategies and continued growth in its customer base. Middlesex Water's ability to exceed market expectations has boosted investor confidence in the company's prospects, driving the stock's surge.
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