Middlesex Water Company (MSEX) Financial Statements (2024 and earlier)

Company Profile

Business Address 485C ROUTE 1 SOUTH
ISELIN, NJ 08830
State of Incorp. NJ
Fiscal Year End December 31
Industry (SIC) 4941 - Water Supply (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,3903,8283,5334,4912,2303,705
Cash and cash equivalents2,3903,8283,5334,4912,2303,705
Receivables27,46924,67722,58421,63419,09119,055
Inventory, net of allowances, customer advances and progress billings  6,1775,3585,1125,4455,411
Inventory  6,1775,3585,1125,4455,411
Prepaid expense1,8332,6242,8802,8862,3672,644
Deferred costs      
Other undisclosed current assets76,844     
Total current assets:108,53637,30634,35534,12329,13330,815
Noncurrent Assets
Operating lease, right-of-use asset3,1853,8264,5035,2095,944
Regulated entity, other noncurrent assets90,69490,046100,738118,144110,47999,236
Restricted cash and investments    5,91344,2691,956
Other noncurrent assets621983841,8992,093
Other undisclosed noncurrent assets1,033,575943,253880,336812,997718,154633,730
Total noncurrent assets:1,127,5161,037,144985,660942,347880,745737,015
TOTAL ASSETS:1,236,0521,074,4501,020,015976,470909,878767,830
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities30,75646,92431,73242,71832,97234,844
Interest and dividends payable1,9862,1372,0311,289
Taxes payable8,62110,1387,63514,230
Accounts payable27,61824,84721,12530,44323,30619,325
Accrued liabilities3,13822,077    
Deferred revenue1,3901,365   
Debt45,86359,20617,3677,04225,73255,843
Other liabilities4,4213,9883,8263,6203,6202,640
Other undisclosed current liabilities21,3996,3763,6943,4682,6571,036
Total current liabilities:103,829117,85956,61956,84864,98194,363
Noncurrent Liabilities
Long-term debt and lease obligation358,153290,280306,520273,244230,777152,851
Long-term debt, excluding current maturities358,153290,280306,520273,244230,777152,851
Liabilities, other than long-term debt, including:205,449150,524159,203186,096190,414182,345
Deferred tax liabilities, net47,270
Deferred income tax liabilities88,73677,78369,50061,297 
Liability, pension and other postretirement and postemployment benefits   11,29034,42634,67130,661
Regulatory liability113,02146,73449,43160,79269,15279,112
Other liabilities5929191,0861,1352,5462,730
Operating lease, liability3,100    
Other undisclosed liabilities, other than long-term debt  25,08827,89628,44684,04522,572
Total noncurrent liabilities:563,602440,804465,723459,340421,191335,196
Total liabilities:667,431558,663522,342516,188486,172429,559
Equity
Equity, attributable to parent, including:422,991402,412369,810348,292325,876251,220
Preferred stock2,0842,0842,0842,0842,0842,433
Common stock246,764233,054221,919217,451215,125157,354
Retained earnings176,227167,274145,807128,757108,66791,433
Other undisclosed equity, attributable to parent(2,084)     
Total equity:422,991402,412369,810348,292325,876251,220
Other undisclosed liabilities and equity145,630113,375127,863111,99097,83087,051
TOTAL LIABILITIES AND EQUITY:1,236,0521,074,4501,020,015976,470909,878767,830

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues166,131162,292142,993141,449134,458137,940
Cost of revenue
(Cost of Goods and Services Sold)
(25,194)(23,029)(21,109)(18,472)(16,716)(6,800)
Gross profit:140,937139,263121,884122,977117,742131,140
Operating expenses(127,051)(120,333)(109,930)(104,172)(99,078)(100,935)
Other undisclosed operating income25,33728,40321,25718,61516,8566,937
Operating income:39,22347,33333,21137,42035,52037,142
Nonoperating income6,4857,7035,9584,3792,4922,992
Public utilities, allowance for funds used during construction, additions2,4332,3142,6534,0163,1461,362
Other nonoperating income (expense)4,0525,3893,305363(654)1,630
Interest and debt expense(13,143)(9,367)(8,114)(7,493)(7,264)(6,758)
Income from continuing operations before equity method investments, income taxes:32,56545,66931,05534,30630,74833,376
Other undisclosed loss from continuing operations before income taxes      
Income from continuing operations before income taxes:32,56545,66931,05534,30630,74833,376
Income tax expense (benefit)(1,041)(3,240)5,4884,1193,140(924)
Income from continuing operations:31,52442,42936,54338,42533,88832,452
Income before gain (loss) on sale of properties:36,54338,42533,88832,452
Other undisclosed net loss  (1)    
Net income:31,52442,42836,54338,42533,88832,452
Other undisclosed net income attributable to parent  1    
Net income attributable to parent:31,52442,42936,54338,42533,88832,452
Preferred stock dividends and other adjustments  (120)(120)(132)(144)
Other undisclosed net loss available to common stockholders, basic(120)(120)    
Net income available to common stockholders, basic:31,40442,30936,42338,30533,75632,308
Convertible preferred dividends 67     
Other undisclosed net income available to common stockholders, diluted 6767677991
Net income available to common stockholders, diluted:31,47142,37636,49038,37233,83532,399

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:31,52442,42836,54338,42533,88832,452
Comprehensive income, net of tax, attributable to parent:31,52442,42836,54338,42533,88832,452

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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