Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 110

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 110
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 same period in 2024 due to higher average utility plant in service during the quarter.

Other Taxes

Other Taxes for the three months ended June 30, 2025
decreased $0.1 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 June
30, 2025 decreased $0.8 million from the same period in 2024 due to lower actuarially-determined retirement benefit plans non-service
benefit partially offset by higher Allowance for Funds Used During Construction from increased capital expenditures.

Interest Charges

Interest Charges for the three months ended June 30,
2025 decreased $0.4 million from the same period in 2024 due to lower average debt outstanding and lower average interest rates.

Income Taxes

Income Taxes for the three months ended June 30, 2025
decreased by $2.0 million from the same period in 2024, primarily due to lower pre-tax income and higher income tax benefits associated
with increased repair expenditures on tangible property in the Middlesex System.

23 

Results of Operations – Six Months Ended
June 30, 2025

    (In Thousands) 

    Six Months Ended June 30, 

    2025  
    2024 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Operating Revenues 
    $87,660  
    $5,964  
    $93,624  
    $83,289  
    $6,381  
    $89,670 
  
    Operations and Maintenance Expense 
     40,288  
     3,887  
     44,175  
     38,023  
     4,267  
     42,290 
  
    Depreciation 
     13,102  
     128  
     13,230  
     11,568  
     133  
     11,701 
  
    Other Taxes 
     10,626  
     124  
     10,750  
     10,383  
     116  
     10,499 
  
    Operating Income 
     23,644