Middlesex Water Company (MSEX)

Middlesex Water Company Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	191.88	166.27	162.43	143.14	141.59
Revenue Growth (YoY)	15.40%	2.36%	13.48%	1.09%	5.20%
Operations & Maintenance	92.36	83.11	79.1	73.67	70.8
Depreciation & Amortization	24.43	25.19	23.03	21.11	18.47
Other Operating Expenses	16.82	16.14	13.66	13.12	14.63
Total Operating Expenses	133.61	124.45	115.79	107.9	103.89
Operating Income	58.27	41.83	46.65	35.24	37.7
Interest Expense	-14.02	-13.14	-9.37	-8.11	-7.49
Net Interest Expense	-14.02	-13.14	-9.37	-8.11	-7.49
Allowance for Equity Funds for Construction	1.25	2.43	2.31	2.65	4.02
Other Non-Operating Income (Expenses)	5.76	1.45	0.84	1.28	0.08
EBT Excluding Unusual Items	51.26	32.57	40.44	31.06	34.31
Gain (Loss) on Sale of Assets	-	-	5.23	-	-
Pretax Income	51.26	32.57	45.67	31.06	34.31
Income Tax Expense	6.91	1.04	3.24	-5.49	-4.12
Net Income	44.35	31.52	42.43	36.54	38.43
Preferred Dividends & Other Adjustments	0.11	0.12	0.12	0.12	0.12
Net Income to Common	44.24	31.4	42.31	36.42	38.31
Net Income Growth	40.69%	-25.70%	16.11%	-4.90%	13.39%
Shares Outstanding (Basic)	18	18	18	17	17
Shares Outstanding (Diluted)	18	18	18	18	18
Shares Change (YoY)	0.56%	0.76%	0.60%	0.19%	4.43%
EPS (Basic)	2.48	1.77	2.40	2.08	2.19
EPS (Diluted)	2.47	1.76	2.39	2.07	2.18
EPS Growth	39.94%	-26.30%	15.44%	-5.08%	8.60%
Free Cash Flow	-15.89	-37.4	-29.97	-46.35	-52.26
Free Cash Flow Per Share	-0.89	-2.10	-1.69	-2.63	-2.97
Dividend Per Share	1.315	1.262	1.183	1.108	1.041
Dividend Growth	4.16%	6.77%	6.72%	6.44%	6.66%
Profit Margin	23.06%	18.89%	26.05%	25.45%	27.05%
Free Cash Flow Margin	-8.28%	-22.49%	-18.45%	-32.38%	-36.91%
EBITDA	86.31	71.27	74.12	62.04	58.54
EBITDA Margin	44.98%	42.86%	45.63%	43.34%	41.34%
D&A For EBITDA	28.04	29.44	27.48	26.8	20.84
EBIT	58.27	41.83	46.65	35.24	37.7
EBIT Margin	30.37%	25.15%	28.72%	24.62%	26.63%
Effective Tax Rate	13.47%	3.20%	7.09%	-	-

Updated Feb 28, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

SEC Filings: 10-K · 10-Q