Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 0

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 0
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except
per share amounts)

    Three Months Ended March 31, 

    2025  
    2024 

    Operating Revenues 
    $44,301  
    $40,524 

    Operating Expenses: 

    Operations and Maintenance 
     21,109  
     20,465 
  
    Depreciation 
     6,527  
     5,396 
  
    Other Taxes 
     5,108  
     4,798 

    Total Operating Expenses 
     32,744  
     30,659 

    Operating Income 
     11,557  
     9,865 

    Other Income: 

    Allowance for Funds Used During Construction 
     372  
     176 
  
    Other Income (Expense), net 
     1,425  
     5,189 

    Total Other Income, net 
     1,797  
     5,365 

    Interest Charges 
     2,713  
     3,269 

    Income before Income Taxes 
     10,641  
     11,961 

    Income Taxes 
     1,162  
     1,279 

    Net Income 
     9,479  
     10,682 

    Preferred Stock Dividend Requirements 
     22  
     30 

    Earnings Applicable to Common Stock 
    $9,457  
    $10,652 

    Earnings per share of Common Stock: 

    Basic 
    $0.53  
    $0.60 
  
    Diluted 
    $0.53  
    $0.59 

    Average Number of Common Shares Outstanding: 

    Basic 
     17,890  
     17,819 
  
    Diluted 
     17,951  
     17,934 

See Notes to Condensed Consolidated Financial Statements  

1 

MIDDLESEX WATER COMPANY

CONDENSED
CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    March 31,  
    December 31, 
  
    ASSETS 
      
    2025  
    2024 
  
    UTILITY