Core Viewpoint - Unitil Corporation is discussing its Q3 2024 financial results during a conference call, highlighting key financial metrics and future outlooks [1][2]. Group 1: Company Participants - The conference call features key executives including Todd Diggins (Chief Accounting Officer and Controller), Thomas Meissner (Chairman and CEO), and Daniel Hurstak (SVP, CFO and Treasurer) [2][3]. - Bob Hebert, President and Chief Administrative Officer, is also present during the call [2]. Group 2: Financial Information - The company has made available additional financial information and a presentation on its investor website, unitil.com, which will be referenced during the call [3]. Group 3: Forward-Looking Statements - The comments made during the call include forward-looking statements that are subject to risks and uncertainties, which may lead to actual results differing from predictions [4].

Financial Performance - Third Quarter 2024 GAAP Net Income was breakeven, a decrease of $1.4 million or $0.09 per share compared to 2023[4] - Third Quarter 2024 Adjusted Net Income was $0.4 million or $0.02 per share[4] - Year-to-Date GAAP Net Income was $31.5 million or $1.96 per share, an increase of $1.8 million or $0.11 per share compared to 2023[4] - Year-to-Date Adjusted Net Income was $32.1 million or $2.00 per share[4] - The company reaffirmed a long-term EPS growth rate of 5%-7%[4] Strategic Initiatives - The company agreed to acquire Bangor Natural Gas (BNG), with an expected closing by the end of Q1 2025[4] - The company expects long-term rate base growth of 6.5%-8.5%[4] - The company filed Granite State Gas Settlement with FERC, expecting an annual revenue increase of $3.0 million, approximately a 30% increase to Granite's revenues[4, 19] - The company projects five-year capital investment of approximately $910 million, which is 47% higher than the prior five years[25] Sustainability and Infrastructure - The company's distribution system had significantly lower fugitive emissions than calculated emissions, reducing Scope 1 Emissions[6] - The company is investing approximately $40 million in advanced metering infrastructure[8] - The company is targeting Net Zero emissions by 2050, with a 50% reduction by 2030[6]

Core Viewpoint - Unitil (UTL) reported quarterly earnings of $0.02 per share, exceeding the Zacks Consensus Estimate of $0.01 per share, but down from $0.09 per share a year ago, indicating a 100% earnings surprise [1] Financial Performance - The company posted revenues of $92.9 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 19.91%, and down from $103.9 million year-over-year [2] - Over the last four quarters, Unitil has surpassed consensus EPS estimates four times but has only topped consensus revenue estimates once [2] Stock Performance - Unitil shares have increased approximately 7.1% since the beginning of the year, compared to the S&P 500's gain of 20.1% [3] - The current Zacks Rank for Unitil is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.95 on revenues of $145 million, and for the current fiscal year, it is $2.92 on revenues of $535 million [7] - The estimate revisions trend for Unitil is mixed, and changes in earnings expectations may occur following the recent earnings report [6] Industry Context - The Utility - Electric Power industry is currently in the top 38% of Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Financial Performance - As of September 30, 2024, total operating revenues were $92.9 million, a decrease of 10% from $103.9 million in the same period of 2023[70]. - Electric operating revenues were $62.5 million, down from $72.1 million year-over-year, while gas operating revenues decreased to $30.4 million from $31.8 million[70]. - Total operating expenses for the three months ended September 30, 2024, were $87.1 million, a reduction of 9% compared to $95.9 million in the same period of 2023[70]. - Net income applicable to common shares for the nine months ended September 30, 2024, was $31.5 million, compared to $29.7 million in the same period of 2023, reflecting a growth of 6%[70]. - Cash provided by operating activities for the nine months ended September 30, 2024, was $102.6 million, compared to $78.7 million in 2023, reflecting a significant increase[75]. - Total Electric and Gas Operating Revenues for the three months ended September 30, 2024, were $92.9 million, a decrease from $103.9 million in the same period of 2023, representing a decline of approximately 10.0%[91][94]. - For the nine months ended September 30, 2024, Total Electric and Gas Operating Revenues were $367.3 million, compared to $427.5 million for the same period in 2023, indicating a decrease of about 14.1%[95][97]. - Segment profit for the nine months ended September 30, 2024, was $31.5 million, compared to $29.7 million for the same period in 2023, showing an increase of approximately 6.0%[126]. Assets and Liabilities - As of September 30, 2024, the company's total assets were $1,737.1 million, an increase from $1,620.2 million in the previous year[72]. - Total current liabilities decreased to $179.2 million as of September 30, 2024, down from $243.4 million in 2023, indicating improved financial health[73]. - Long-term debt, less current portion, increased to $638.4 million as of September 30, 2024, compared to $509.0 million in 2023, suggesting increased borrowing[73]. - Total stockholders' equity rose to $502.4 million as of September 30, 2024, up from $479.8 million in 2023, reflecting growth in shareholder value[73]. - The company reported a decrease in cash and cash equivalents to $6.3 million at the end of the period, down from $6.0 million in 2023[75]. - The company’s total capitalization reached $1,140.8 million as of September 30, 2024, compared to $988.8 million in 2023, indicating overall growth in financial structure[73]. Revenue and Collections - Billed and unbilled revenue for Residential customers in the three months ended September 30, 2024, was $46.3 million, down from $55.9 million in the same period of 2023, reflecting a decline of approximately 17.2%[91][94]. - Total Accrued Revenue as of September 30, 2024, was $65.4 million, an increase from $57.3 million in September 2023 and $63.4 million in December 2023[105]. - The Company’s total Billed and Unbilled Revenue for the nine months ended September 30, 2024, was $369.9 million, compared to $439.8 million for the same period in 2023, a decrease of approximately 15.9%[95][97]. - The Allowance for Doubtful Accounts as of September 30, 2024, was $2.0 million, unchanged from September 30, 2023, but down from $2.4 million as of December 31, 2023[103]. Capital Expenditures and Investments - Capital expenditures included in accounts payable amounted to $11.8 million as of September 30, 2024, compared to $8.6 million in 2023, indicating increased investment in assets[75]. - Capital expenditures for the nine months ended September 30, 2024, totaled $114.3 million, compared to $93.4 million in the same period in 2023, representing an increase of about 22.3%[126]. Debt and Financing - The average interest rate on short-term borrowings for the three months ended September 30, 2024, was 6.6%, compared to 6.4% for the same period in 2023[67]. - The Company issued $20.0 million of Notes due 2034 at 5.99% on August 21, 2024, to refinance existing debt[133]. - Total long-term debt as of September 30, 2024, is $647.3 million, an increase from $519.3 million in September 30, 2023[128]. - The only financial covenant in the Credit Facility requires that Funded Debt to Capitalization cannot exceed 65%, and the Company was in compliance as of September 30, 2024[132]. Regulatory and Compliance - The Company has been subject to revenue decoupling since June 1, 2022, which applies to substantially all of its total annual electric sales volumes[97]. - The Company has recorded $7.2 million of environmental costs in Regulatory Assets, which are expected to be recovered over varying periods in the next seven years[112]. - The MDPU opened an investigation into the role of gas local distribution companies (LDCs) in achieving Massachusetts' 2050 climate goals, requiring LDCs to submit Climate Compliance Plans every five years starting in 2025[165]. Employee and Labor Relations - The company had 541 employees as of September 30, 2024, with a good relationship and no major labor disruptions reported[64]. - The company expects to negotiate new collective bargaining agreements for 173 union-represented employees before their expiration dates[66]. Environmental and Legal Matters - The Company is involved in various legal proceedings but believes they will not materially affect its financial position or results[169]. - The Company has accrued $2.5 million for estimated costs to complete remediation at the Rochester site, with a high-end estimate of $5.6 million for possible remediation costs[170]. Dividends and Shareholder Returns - The company paid dividends of $20.6 million for the nine months ended September 30, 2024, compared to $19.6 million in the same period of 2023[75]. - The Company declared dividends of $0.425 per share for the quarter ending November 29, 2024[125].

Core Insights - Unitil Corporation reported a GAAP Net Income of $11 thousand, or $0.00 EPS, for Q3 2024, a decrease of $1.4 million in Net Income, or $0.09 in EPS, compared to Q3 2023 [1] - For the first nine months of 2024, the Company achieved a Net Income of $31.5 million, or $1.96 EPS, an increase of $1.8 million in Net Income, or $0.11 in EPS, compared to the same period in 2023 [1] - The Company’s Adjusted Net Income for Q3 2024 was $0.4 million, or $0.02 EPS, a decrease of $1.0 million, or $0.07 in EPS, compared to Q3 2023 [1] - The Adjusted Net Income for the first nine months of 2024 was $32.1 million, or $2.00 EPS, an increase of $2.4 million, or $0.15 in EPS, compared to the same period in 2023 [1] Financial Performance - Electric GAAP Gross Margin for Q3 2024 was $22.3 million, a decrease of $0.3 million compared to Q3 2023, while for the first nine months, it was $60.2 million, a decrease of $0.4 million [3] - Gas GAAP Gross Margin for Q3 2024 was $11.8 million, a decrease of $0.5 million compared to Q3 2023, but for the first nine months, it increased to $82.4 million, an increase of $5.8 million [5] - Electric Adjusted Gross Margin for Q3 2024 was $29.7 million, an increase of $0.5 million compared to Q3 2023, and for the first nine months, it was $81.7 million, an increase of $1.6 million [4] - Gas Adjusted Gross Margin for Q3 2024 was $23.3 million, an increase of $1.1 million compared to Q3 2023, and for the first nine months, it was $115.6 million, an increase of $9.2 million [6] Expenses and Costs - Operation and Maintenance expenses increased by $0.7 million in Q3 2024 and $1.1 million in the first nine months compared to the same periods in 2023 [7] - Depreciation and Amortization expenses increased by $2.3 million in Q3 2024 and $5.1 million in the first nine months compared to the same periods in 2023 [8] - Taxes Other Than Income Taxes increased by $0.8 million in Q3 2024 and $1.5 million in the first nine months compared to the same periods in 2023 [9] - Interest Expense, Net increased by $0.4 million in Q3 2024 and $1.0 million in the first nine months compared to the same periods in 2023 [9] Dividends and Shareholder Returns - The Company declared quarterly dividends of $0.425 per share at its meetings in January, May, July, and October 2024, resulting in an annualized dividend rate of $1.70 per share [12] Operational Highlights - The Company is in the process of regulatory and transition activities for the planned acquisition of Bangor Natural Gas Company [3] - The Company’s earnings are typically seasonal, with higher earnings expected in the first and fourth quarters due to increased natural gas usage for heating [13]

Core Viewpoint - Unitil Corporation has elected Jane Lewis-Raymond to its Board of Directors as part of its succession planning process in anticipation of upcoming retirements [1][3] Group 1: Board Appointment - Jane Lewis-Raymond will stand for election by shareholders at the next annual meeting in April 2025 [1] - The appointment is part of the Board's normal succession planning due to directors reaching the mandatory retirement age of 75 [1] Group 2: Background of Jane Lewis-Raymond - Ms. Lewis-Raymond is the principal of Hilltop Strategies, LLC, providing strategic consulting services across various industries [2] - She has extensive experience in the natural gas utility sector, with expertise in corporate governance, community relations, cybersecurity, data privacy, safety, and corporate ESG programs [2] - Previously, she held senior positions at Piedmont Natural Gas Company and the American Gas Association, and she is currently on the Board of Southwest Gas Holdings, Inc. [2] Group 3: Company Overview - Unitil Corporation delivers electricity and natural gas in New England, serving approximately 108,500 electric customers and 88,400 natural gas customers [3] - The company is committed to community service and developing efficient energy delivery practices [3]

Core Insights - Unitil Corporation released its 2024 Corporate Sustainability and Responsibility Report, highlighting successes in 2023 and ongoing initiatives for 2024, focusing on environmental sustainability, human capital management, safety, reliability, and customer engagement [1][2] Sustainability Initiatives - The report emphasizes key initiatives such as carbon reduction, environmental stewardship, operational safety, employee development, diversity, equity, inclusion, and customer satisfaction [2] - The CSR aligns with SASB reporting standards and includes industry-specific metrics based on templates from the American Gas Association and Edison Electric Institute [2] Company Overview - Unitil Corporation operates as a public utility holding company in Maine, New Hampshire, and Massachusetts, providing electricity and natural gas to approximately 108,500 electric customers and 88,400 natural gas customers [4]

Core Points - Unitil Corporation is set to release its third quarter 2024 earnings on November 4, 2024, after market close [1] - A conference call and webcast to discuss the quarterly results will take place on November 5, 2024, at 10:00 a.m. (ET) [1] - The company serves approximately 108,500 electric customers and 88,400 natural gas customers across Maine, New Hampshire, and Massachusetts [1] Company Overview - Unitil Corporation is a public utility holding company focused on delivering electricity and natural gas in New England [1] - The company emphasizes its commitment to community service and the development of efficient energy delivery practices and technologies [1]

Company Overview - Unitil (UTL) is a utility stock headquartered in Hampton, which has experienced a price change of 13.54% this year [3] - The company currently pays a dividend of $0.43 per share, resulting in a dividend yield of 2.85%, which is lower than the Utility - Electric Power industry's yield of 3.24% and the S&P 500's yield of 1.52% [3] Dividend Performance - Unitil's annualized dividend is $1.70, reflecting a 4.9% increase from the previous year [4] - Over the past five years, Unitil has raised its dividend five times, achieving an average annual increase of 2.77% [4] - The company's current payout ratio is 56%, indicating that it distributes 56% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year 2024, the Zacks Consensus Estimate projects earnings of $2.92 per share, which corresponds to a year-over-year earnings growth rate of 3.55% [5] Investment Considerations - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - High-growth firms or tech start-ups typically do not provide dividends, while larger, established companies are often viewed as better dividend options [7] - UTL is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]

Unitil (UTL) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 17.39%. A quarter ago, it was expected that this utility would post earnings of $1.58 per share when it actually produced earnings of $1.69, delivering a surprise of 6.96%. Over the last four quarters, the company has surpas ...