Shares of Middlesex Water Company (NASDAQ: MSEX) plummeted 6.07% in after-hours trading on Friday following the release of its third-quarter 2025 financial results that fell short of analyst expectations. The water utility company reported earnings per share (EPS) of $0.77, missing the consensus estimate of $0.85 and marking a decrease from $0.80 in the same quarter last year.

The company's revenue for the quarter came in at $54.1 million, falling below the analyst consensus of $56.08 million and representing a 1.83% decrease from the $55.1 million reported in the previous year. Middlesex Water attributed the lower revenue to decreased consumption driven by unfavorable weather conditions, which was only partially offset by rate increases and customer growth.

Despite the disappointing results, Middlesex Water highlighted its ongoing infrastructure investments, with approximately $72 million spent on upgrading and enhancing water and wastewater utility infrastructure during the first nine months of 2025. The company also announced the execution of an asset purchase agreement to acquire Pinewood Acres water utility assets in Delaware, aligning with its strategic growth plans.

Investors reacted negatively to the earnings miss and revenue decline, leading to the significant after-hours drop. The market's response reflects concerns about the company's ability to maintain growth in the face of weather-related challenges and the potential impact on future earnings.