Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 863

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 863
---
    Non-
Regulated  
    Total 
  
    Revenues 
    $154.0  
    $12.3  
    $166.3  
    $150.6  
    $11.8  
    $162.4 
  
    Operations and maintenance expenses 
     74.8  
     8.4  
     83.2  
     70.8  
     8.3  
     79.1 
  
    Depreciation expense 
     24.9  
     0.3  
     25.2  
     22.8  
     0.2  
     23.0 
  
    Other taxes 
     18.5  
     0.2  
     18.7  
     18.0  
     0.2  
     18.2 
  
    Gain on sale of subsidiary 
     —  
     —  
     —  
     5.2  
     —  
     5.2 
  
    Operating income 
     35.8  
     3.4  
     39.2  
     44.2  
     3.1  
     47.3 

    Other income (expense), net 
     6.3  
     0.2  
     6.5  
     7.4  
     0.3  
     7.7 
  
    Interest expense 
     13.1  
     —  
     13.1  
     9.4  
     —  
     9.4 
  
    Income taxes 
     (0.1) 
     1.1  
     1.0  
     2.0  
     1.2  
     3.2 
  
    Net income 
    $29.1  
    $2.5  
    $31.6  
    $40.2  
    $2.2  
    $42.4 

Operating Revenues

Operating revenues for the year ended December
31, 2023 increased $3.8 million from the same period in 2022 due to the following factors:

    ●