Middlesex Water VP Andreasen to retire in January 2025

ISELIN, N.J. - Middlesex Water Company (NASDAQ:MSEX), a provider of water and wastewater services, announced today that G. Christian Andreasen, Jr., P.E., will retire as Vice President of Enterprise Engineering and President of Pinelands Water and Wastewater Companies on January 31, 2025. Andreasen's impending retirement will close a notable 42-year tenure with the company.

Andreasen joined Middlesex Water Company in 1982 and has since played a significant role in the company's growth, contributing to its expansion in New Jersey and Delaware. His early work included pivotal projects that supported the company’s development into new service areas. In 2019, Andreasen was appointed to the executive leadership team, overseeing all engineering services, asset management, and capital improvement projects.

Under Andreasen's leadership, Middlesex Water Company has undertaken several multi-million-dollar capital improvements, such as the upgrade of the company’s ozone treatment plant and the construction of new transmission mains. His contributions have been integral to enhancing the reliability and resilience of the company's infrastructure.

Nadine Leslie, Middlesex Water President and CEO, expressed gratitude for Andreasen's decades of service, highlighting his problem-solving abilities, technical expertise, and mentorship in the industry.

Middlesex Water Company, established in 1897, serves a population of approximately 500,000 in New Jersey and Delaware. The company emphasizes the balance of employee, customer, and shareholder needs while investing in infrastructure and community development to ensure reliable utility services.

The press release also contains forward-looking statements regarding the company's long-term strategy and capital program impacts. However, it notes that actual results may differ due to various factors, including economic conditions and regulatory changes.

This news is based on a press release statement from Middlesex Water Company.

In other recent news, Middlesex Water Company has announced a series of significant developments. The company has declared a 4.62% increase in its quarterly cash dividend to $0.34 per share, extending its 52-year streak of dividend growth. In terms of executive changes, Middlesex Water has appointed Gregory Sorensen as its new Vice President and Chief Operating Officer, and Mohammed G. Zerhouni as Senior Vice President, Chief Financial Officer, and Treasurer.

The company has also made changes to its executive compensation agreements, including new Change in Control Agreements for several top executives effective from January 1, 2025. These agreements provide for severance benefits in the event of employment termination following a change in control of the company. Additionally, an amendment has been made to the Change in Control Agreement of Nadine Leslie, the President and CEO, aligning it with the new terms established for other executives.

In the wake of these developments, Baird has downgraded Middlesex Water's stock to Neutral from Outperform, following the company's recent quarterly filing that did not include its anticipated capital expenditure outlook. On the environmental front, Tidewater (NYSE:TDW) Utilities, a subsidiary of Middlesex Water, is gearing up to comply with the forthcoming United States Environmental Protection Agency's drinking water standard for specific PFAS compounds. The company has been proactively testing all its 175 wells and has installed ion exchange resin systems for PFAS treatment at four locations. All these are recent developments that reflect the company's ongoing operational changes and commitment to environmental standards.

InvestingPro Insights

As Middlesex Water Company prepares for the retirement of a key executive, investors may find additional context in the company's financial performance and market position. According to InvestingPro data, MSEX has a market capitalization of $1.18 billion, reflecting its significant presence in the water utility sector.

The company's commitment to infrastructure investment, as highlighted in Andreasen's tenure, is mirrored in its financial metrics. MSEX reported a revenue growth of 10.14% over the last twelve months, with a more impressive 17.95% growth in the most recent quarter. This growth trajectory aligns with the company's focus on expansion and capital improvements mentioned in the article.

InvestingPro Tips reveal that Middlesex Water has maintained dividend payments for 54 consecutive years, underscoring its stability and commitment to shareholder returns. This is particularly relevant given the company's emphasis on balancing stakeholder needs. Additionally, MSEX has raised its dividend for 21 consecutive years, a testament to its consistent financial performance and shareholder-friendly policies.

The company's profitability over the last twelve months, another InvestingPro Tip, supports its ability to fund ongoing infrastructure projects and maintain its dividend policy. However, investors should note that MSEX is trading at a high P/E ratio of 28.74 relative to its near-term earnings growth, which may be a consideration for value-oriented investors.

For those interested in a deeper analysis, InvestingPro offers 5 additional tips that could provide further insights into Middlesex Water Company's investment potential.

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