Middlesex Water Company (MSEX)

Middlesex Water Company Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	195.65	191.88	166.27	162.43	143.14	141.59
Revenue Growth (YoY)	16.02%	15.40%	2.36%	13.48%	1.09%	5.20%
Operations & Maintenance	93.01	92.36	83.11	79.1	73.67	70.8
Depreciation & Amortization	25.56	24.43	25.19	23.03	21.11	18.47
Other Operating Expenses	17.22	16.82	16.14	13.66	13.12	14.63
Total Operating Expenses	135.79	133.61	124.45	115.79	107.9	103.89
Operating Income	59.86	58.27	41.83	46.65	35.24	37.7
Interest Expense	-13.47	-14.02	-13.14	-9.37	-8.11	-7.49
Net Interest Expense	-13.47	-14.02	-13.14	-9.37	-8.11	-7.49
Allowance for Equity Funds for Construction	1.45	1.25	2.43	2.31	2.65	4.02
Other Non-Operating Income (Expenses)	2.09	5.76	1.45	0.84	1.28	0.08
EBT Excluding Unusual Items	49.94	51.26	32.57	40.44	31.06	34.31
Gain (Loss) on Sale of Assets	-	-	-	5.23	-	-
Pretax Income	49.94	51.26	32.57	45.67	31.06	34.31
Income Tax Expense	6.79	6.91	1.04	3.24	-5.49	-4.12
Net Income	43.15	44.35	31.52	42.43	36.54	38.43
Preferred Dividends & Other Adjustments	0.1	0.11	0.12	0.12	0.12	0.12
Net Income to Common	43.04	44.24	31.4	42.31	36.42	38.31
Net Income Growth	18.74%	40.69%	-25.70%	16.11%	-4.90%	13.39%
Shares Outstanding (Basic)	18	18	18	18	17	17
Shares Outstanding (Diluted)	18	18	18	18	18	18
Shares Change (YoY)	0.34%	0.56%	0.76%	0.60%	0.19%	4.43%
EPS (Basic)	2.41	2.48	1.77	2.40	2.08	2.19
EPS (Diluted)	2.40	2.47	1.76	2.39	2.07	2.18
EPS Growth	18.33%	39.94%	-26.30%	15.44%	-5.08%	8.60%
Free Cash Flow	-13.28	-15.89	-37.4	-29.97	-46.35	-52.26
Free Cash Flow Per Share	-0.74	-0.89	-2.10	-1.69	-2.63	-2.97
Dividend Per Share	1.330	1.315	1.262	1.183	1.108	1.041
Dividend Growth	4.31%	4.16%	6.77%	6.72%	6.44%	6.66%
Profit Margin	22.00%	23.06%	18.89%	26.05%	25.45%	27.05%
Free Cash Flow Margin	-6.79%	-8.28%	-22.49%	-18.45%	-32.38%	-36.91%
EBITDA	89.83	86.31	71.27	74.12	62.04	58.54
EBITDA Margin	45.91%	44.98%	42.86%	45.63%	43.34%	41.34%
D&A For EBITDA	29.97	28.04	29.44	27.48	26.8	20.84
EBIT	59.86	58.27	41.83	46.65	35.24	37.7
EBIT Margin	30.60%	30.37%	25.15%	28.72%	24.62%	26.63%
Effective Tax Rate	13.59%	13.47%	3.20%	7.09%	-	-

Updated May 1, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

SEC Filings: 10-K · 10-Q