How did MSEX's revenue and expenses trend in Q4 2024?

Middlesex Water (MSEX) demonstrated a consistent financial performance in Q4 2024, with stable revenue and expense trends across its regulated and non-regulated business segments. Here's a detailed analysis:

1. **Revenue Trend**: MSEX's revenue for Q4 2024 was $179.36 million. The company's revenue from regulated and non-regulated business segments were $135.68 million and $41.5 million, respectively. Additionally, there was an inter-segment elimination of $9.94 million, which suggests that these amounts may not be directly comparable to external revenue figures.

|code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code|
|---|---|---|---|---|---|---|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Inter-Segment Elimination|-1034000|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Inter-Segment Elimination|-852000|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Inter-Segment Elimination|-375000|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Inter-Segment Elimination|-145000|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Regulated|3.7465E7|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Non - Regulated|3204000|185|
|MSEX|MSEX.O|Middlesex Water|20240101-2024|Inter-Segment Elimination|-145000|185|

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|MSEX|MSEX.O|Middlesex Water|2024 Q1|82.03817314246761|1.0682E7|185|
|MSEX|MSEX.O|Middlesex Water|2024 Q2|6.514493485506515|1.0546E7|185|
|MSEX|MSEX.O|Middlesex Water|2024 Q3|43.333333333333336|1.4319E7|185|
|MSEX|MSEX.O|Middlesex Water|2024 Q4|52.71465741543799|8804000|185|

|code|Ticker|Name|Date|Selling, General, and Administrative Expenses|Operating Expenses|market_code|
|---|---|---|---|---|---|---|
|MSEX|MSEX.O|Middlesex Water|2024 Q1|5396000||185|
|MSEX|MSEX.O|Middlesex Water|2024 Q2|6305000||185|
|MSEX|MSEX.O|Middlesex Water|2024 Q3|6309000||185|
|MSEX|MSEX.O|Middlesex Water|2024 Q4|6420000||185|

2. **Expense Trend**: The company's net income for Q4 2024 was $8.8 million. The operating expenses, which include general and administrative expenses, were $6.42 million. However, the data does not provide a breakdown of these expenses by segment, making it challenging to analyze the trend of individual expense categories.
3. **Segment Analysis**: MSEX's regulated business segments contributed significantly to the revenue, with $135.68 million compared to $41.5 million from non-regulated segments. The inter-segment elimination of $9.94 million suggests that the regulated segments were the primary revenue drivers.
4. **Financial Stability**: The company's ability to maintain a positive net income of $8.8 million despite the inter-segment eliminations indicates a strong financial performance in Q4 2024. However, the lack of detailed expense breakdowns makes it difficult to assess the efficiency of the company's operations.

In conclusion, MSEX showed a stable revenue trend with a strong net income in Q4 2024, primarily driven by its regulated business segments. The company's operating and general administrative expenses were under control, contributing to its overall financial stability. However, the absence of detailed segment-specific expense data limits a more comprehensive analysis of the company's expense trends.