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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments3,8283,5334,4912,2303,7054,937
Cash and cash equivalents3,8283,5334,4912,2303,7054,937
Receivables24,67722,58421,63419,09119,05517,784
Inventory, net of allowances, customer advances and progress billings 6,1775,3585,1125,4455,4114,118
Inventory 6,1775,3585,1125,4455,4114,118
Prepaid expense2,6242,8802,8862,3672,6442,408
Other undisclosed current assets      
Total current assets:37,30634,35534,12329,13330,81529,247
Noncurrent Assets
Operating lease, right-of-use asset3,8264,5035,2095,944
Regulated entity, other noncurrent assets90,046100,738118,144110,47999,23658,423
Restricted cash and investments   5,91344,2691,9561,460
Other noncurrent assets1983841,8992,093177
Other undisclosed noncurrent assets943,253880,336812,997718,154633,730571,833
Total noncurrent assets:1,037,144985,660942,347880,745737,015631,893
TOTAL ASSETS:1,074,4501,020,015976,470909,878767,830661,140
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities46,92431,73242,71832,97234,84426,440
Interest and dividends payable1,9862,1372,0311,2891,093
Taxes payable8,62110,1387,63514,23011,418
Accounts payable24,84721,12530,44323,30619,32513,929
Accrued liabilities22,077     
Deferred revenue1,365   
Debt59,20617,3677,04225,73255,84334,865
Deferred revenue and credits951
Other liabilities3,9883,8263,6203,6202,6402,281
Other undisclosed current liabilities6,3763,6943,4682,6571,036 
Total current liabilities:117,85956,61956,84864,98194,36364,537
Noncurrent Liabilities
Long-term debt and lease obligation290,280306,520273,244230,777152,851139,045
Long-term debt, excluding current maturities290,280306,520273,244230,777152,851139,045
Liabilities, other than long-term debt, including:150,524159,203186,096190,414182,345146,329
Customer advances or deposits21,423
Deferred tax liabilities, net47,27043,160
Deferred income tax liabilities77,78369,50061,297 
Liability, pension and other postretirement and postemployment benefits  11,29034,42634,67130,66136,686
Regulatory liability46,73449,43160,79269,15279,11243,745
Other liabilities9191,0861,1352,5462,7301,315
Operating lease, liability    
Other undisclosed liabilities, other than long-term debt 25,08827,89628,44684,04522,572 
Total noncurrent liabilities:440,804465,723459,340421,191335,196285,374
Total liabilities:558,663522,342516,188486,172429,559349,911
Equity
Equity, attributable to parent402,412369,810348,292325,876251,220231,608
Preferred stock2,0842,0842,0842,0842,4332,433
Common stock233,054221,919217,451215,125157,354155,120
Retained earnings167,274145,807128,757108,66791,43374,055
Other undisclosed equity, attributable to parent      
Total equity:402,412369,810348,292325,876251,220231,608
Other undisclosed liabilities and equity113,375127,863111,99097,83087,05179,621
TOTAL LIABILITIES AND EQUITY:1,074,4501,020,015976,470909,878767,830661,140

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues162,292142,993141,449134,458137,940130,775
Cost of revenue
(Cost of Goods and Services Sold)
(23,029)(21,109)(18,472)(16,716)(6,800)(6,100)
Gross profit:139,263121,884122,977117,742131,140124,675
Operating expenses(120,333)(109,930)(104,172)(99,078)(100,935)(92,155)
Other undisclosed operating income28,40321,25718,61516,8566,9376,100
Operating income:47,33333,21137,42035,52037,14238,620
Nonoperating income7,7035,9584,3792,4922,992795
Public utilities, allowance for funds used during construction, additions2,3142,6534,0163,1461,362702
Other nonoperating income (expense)5,3893,305363(654)1,630 
Interest and debt expense(9,367)(8,114)(7,493)(7,264)(6,758)(5,506)
Income from continuing operations before income taxes:45,66931,05534,30630,74833,37633,909
Income tax expense (benefit)(3,240)5,4884,1193,140(924)(11,100)
Income from continuing operations:42,42936,54338,42533,88832,45222,809
Income before gain (loss) on sale of properties:36,54338,42533,88832,45222,809
Other undisclosed net loss(1)     
Net income:42,42836,54338,42533,88832,45222,809
Other undisclosed net income attributable to parent1     
Net income attributable to parent:42,42936,54338,42533,88832,45222,809
Preferred stock dividends and other adjustments (120)(120)(132)(144)(144)
Other undisclosed net loss available to common stockholders, basic(120)     
Net income available to common stockholders, basic:42,30936,42338,30533,75632,30822,665
Other undisclosed net income available to common stockholders, diluted676767799191
Net income available to common stockholders, diluted:42,37636,49038,37233,83532,39922,756

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:42,42836,54338,42533,88832,45222,809
Comprehensive income, net of tax, attributable to parent:42,42836,54338,42533,88832,45222,809

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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