Middlesex Water Company (MSEX)

Working capital turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	153,588	156,997	159,166	157,131	161,158	154,740	147,137	144,256	135,282	135,917	135,959	134,658	133,956	131,761	129,520	127,795	127,194	128,174	129,392	130,640
Total current assets	US$ in thousands	108,536	135,762	40,570	39,521	37,306	41,472	39,020	32,865	34,355	40,567	37,242	31,380	34,123	37,867	43,989	40,010	29,133	34,711	32,283	29,650
Total current liabilities	US$ in thousands	103,829	121,303	87,563	95,978	117,859	92,967	78,829	59,669	56,619	92,494	80,745	65,801	56,848	85,354	84,294	80,539	64,981	103,475	102,532	93,246
Working capital turnover		32.63	10.86	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $153,588K ÷ ($108,536K – $103,829K)
= 32.63

The working capital turnover ratio for Middlesex Water Co. experienced a significant increase in Q4 2023 compared to the previous quarters. The ratio increased to 35.32 in Q4 2023 from 11.51 in Q3 2023. This suggests that the company efficiently utilized its working capital to generate sales during Q4 2023. However, since the data for the earlier quarters of 2023 is missing, it is challenging to provide a full trend analysis. It is important for the company to consistently monitor and maintain this ratio to ensure efficient management of working capital in the long term.