Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 284

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 284
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 factors by subsidiary.
The segments in the tables included below are comprised of the following companies: Regulated- Middlesex, Tidewater, Pinelands and Southern
Shores; Non-Regulated- USA, USA-PA, and White Marsh.

27 

Results of Operations for 2024 as Compared to 2023

    (In Millions) 

    Years Ended December 31, 

    2024  
    2023 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Revenues 
    $178.8  
    $13.1  
    $191.9  
    $154.0  
    $12.3  
    $166.3 
  
    Operations and maintenance expenses 
     83.5  
     8.9  
     92.4  
     74.8  
     8.4  
     83.2 
  
    Depreciation expense 
     24.2  
     0.2  
     24.4  
     24.9  
     0.3  
     25.2 
  
    Other taxes 
     21.6  
     0.3  
     21.9  
     18.5  
     0.2  
     18.7 
  
    Operating income 
     49.5  
     3.7  
     53.2  
     35.8  
     3.4  
     39.2 

    Other income, net 
     11.8  
     0.3  
     12.1  
     6.3  
     0.2  
     6.5 
  
    Interest expense 
     14.0  
     —  
     14.0  
     13.1  
     —  
     13.1 
  
    Income taxes 
     5.7  
     1.2  
     6.9  
     (0.1) 
     1.1  
     1.0 
  
    Net income 
    $41.6