Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 86

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 86
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 64 6,309 Other Taxes5,656 53 5,709 5,882 49 5,931 Operating Income$16,826 $877 $17,703 $16,673 $828 $17,501 Other Income, net1,825 61 1,886 1,892 76 1,968 Interest Charges4,200 — 4,200 3,411 — 3,411 Income Taxes1,116 315 1,431 1,457 282 1,739 Net Income$13,335 $623 $13,958 $13,697 $622 $14,319 

Operating Revenues

Operating revenues for the three months ended September 30, 2025 decreased $1.0 million from the same period in 2024 due to the following factors:

•Middlesex System revenues decreased $1.3 million due to lower customer consumption driven by unfavorable weather partially offset by increased Distribution System Improvement Charge (DSIC) and Lead Service Line (LSL) Recovery rate increases (see Note 2, Rate and Regulatory Matters); and

•Tidewater System revenues increased $0.3 million due to customer growth and base rate increases partially offset by lower customer consumption driven by unfavorable weather. 

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Table of Contents

Operations and Maintenance Expense

Operations and Maintenance Expense for the three months ended September 30, 2025 decreased $1.6 million from the same period in 2024 due to higher capitalizable costs and lower legal, financial and regulatory matter costs partially offset by higher variable production costs from weather-driven lower water quality, increased weather-driven main break repair costs and higher labor cost due to wage and employee headcount increases in 2025.

Depreciation

Depreciation expense for the three months ended September 30, 2025 increased $0.6 million from the same period in 2024 due to higher average utility plant in service.

Other Taxes

Other Taxes for the three months ended September 30, 2025 decreased $0.2 million from the same period in 2024 primarily due to lower gross receipts taxes on lower revenue in our Middlesex system.

Other Income, net

Other Income, net for the three months ended September 30, 2025 decreased $0.1 million from the same period in 2024 due to lower actuarially-determined retirement benefit plans non-service