Middlesex Water Co. Files Q3 2024 10-Q
Ticker: MSEXP · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 66004
Sentiment: neutral
Topics: 10-Q, utility, quarterly-report
Related Tickers: MSEX
TL;DR
MSEX filed its 10-Q for Q3 2024. All systems go.
AI Summary
Middlesex Water Company (MSEX) filed its 10-Q for the period ending September 30, 2024. The company, incorporated in New Jersey, operates in the water supply industry. Its common stock is traded on the NASDAQ under the symbol MSEX. The filing covers the quarterly period and provides financial information as of October 31, 2024.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Middlesex Water Company, crucial for understanding its current standing and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing for a regulated utility company, indicating standard operational reporting.
Key Players & Entities
- MIDDLESEX WATER CO (company) — Registrant
- MSEX (company) — Trading Symbol
- NASDAQ (company) — Exchange
- September 30, 2024 (date) — Quarterly Period End Date
- October 31, 2024 (date) — Filing Date
FAQ
What is the primary business of Middlesex Water Company?
Middlesex Water Company is primarily engaged in the water supply industry, as indicated by its SIC code 4941.
On which exchange is Middlesex Water Company's common stock traded?
Middlesex Water Company's common stock is traded on the NASDAQ exchange.
What is the fiscal year end for Middlesex Water Company?
The fiscal year end for Middlesex Water Company is December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed as of October 31, 2024.
In which state is Middlesex Water Company incorporated?
Middlesex Water Company is incorporated in New Jersey.
Filing Stats: 4,550 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-10-31 16:10:08
Key Financial Figures
- $7.00 — 21 Convertible: Shares Outstanding, $7.00 Series - 2024- 8 ; 2023- 10 $ 810 $ 1,0
- $4.75 — 0 Series - 1 79 79 Shares Outstanding, $4.75 Series - 10 1,000 1,000 TOTAL PREFERRE
Filing Documents
- msex-20240930.htm (10-Q) — 729KB
- ex10-59.htm (EX-10.59) — 219KB
- ex31-1.htm (EX-31.1) — 11KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 3KB
- ex32-2.htm (EX-32.2) — 3KB
- 0001174947-24-001201.txt ( ) — 4864KB
- msex-20240930.xsd (EX-101.SCH) — 42KB
- msex-20240930_cal.xml (EX-101.CAL) — 55KB
- msex-20240930_def.xml (EX-101.DEF) — 202KB
- msex-20240930_lab.xml (EX-101.LAB) — 381KB
- msex-20240930_pre.xml (EX-101.PRE) — 211KB
- msex-20240930_htm.xml (XML) — 506KB
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Statements of Income 1 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Capital Stock and Long-Term Debt 4 Condensed Consolidated Statements of Common Stockholders' Equity 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.
Quantitative and Qualitative Disclosures of Market Risk
Quantitative and Qualitative Disclosures of Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27
SIGNATURES
SIGNATURES 28 MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating Revenues $ 55,100 $ 46,715 $ 144,770 $ 127,672 Operating Expenses: Operations and Maintenance 25,359 22,581 67,649 64,042 Depreciation 6,309 6,376 18,010 18,546 Other Taxes 5,931 4,936 16,430 14,104 Total Operating Expenses 37,599 33,893 102,089 96,692 Operating Income 17,501 12,822 42,681 30,980 Other Income: Allowance for Funds Used During Construction 354 496 787 2,162 Other Income, net 1,614 936 9,202 3,124 Total Other Income, net 1,968 1,432 9,989 5,286 Interest Charges 3,411 3,518 10,721 9,364 Income before Income Taxes 16,058 10,736 41,949 26,902 Income Taxes 1,739 746 6,402 1,143 Net Income 14,319 9,990 35,547 25,759 Preferred Stock Dividend Requirements 29 30 89 90 Earnings Applicable to Common Stock $ 14,290 $ 9,960 $ 35,458 $ 25,669 Earnings per share of Common Stock: Basic $ 0.80 $ 0.56 $ 1.99 $ 1.45 Diluted $ 0.80 $ 0.56 $ 1.98 $ 1.44 Average Number of Common Shares Outstanding : Basic 17,838 17,758 17,828 17,708 Diluted 17,952 17,873 17,943 17,823 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements 1 MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30, December 31, ASSETS 2024 2023 UTILITY PLANT: Water Production $ 310,661 $ 303,791 Transmission and Distribution 837,233 809,862 General 104,103 100,593 Construction Work in Progress 34,995 19,636 TOTAL 1,286,992 1,233,882 Less Accumulated Depreciation 249,266 235,540 UTILITY PLANT - NET 1,037,726 998,342 CURRENT ASSETS: Cash and Cash Equivalents 6,344 2,390 Accounts Receivable, net of allowance for credit losses of $ 2
Financial Statements
Financial Statements Accounting Standards Update ("ASU") 2023-07 "Improvements to Reportable Segment Disclosures" The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024 . Early adoption is permitted. Retrospective The Company is currently evaluating the requirements of ASU 2023-07. ASU 2023-09 "Improvements to Income Tax Disclosures" The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025 . Early adoption is permitted. Prospective, with retrospective application also permitted. The Company is currently evaluating the requirements of ASU 2023-09. Note 2 – Rate and Regulatory Matters Middlesex – The approval by the New Jersey Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase annual operating revenues by $ 15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover increased operating costs as well as a return on invested capital of $ 563.1 million, based on an authorized return on common equity of 9.6 %. Middlesex has made capital infrastructure investments to ensure prudent upgrade and replacement of its utility assets to support continued regulatory compliance, resi