Core Viewpoint - Unitil Corporation reported strong financial performance for the year ended December 31, 2024, with increases in both GAAP Net Income and Adjusted Net Income compared to 2023, driven by higher rates and customer growth [1][2][3]. Financial Performance - GAAP Net Income for 2024 was $47.1 million, or $2.93 per share, an increase of $1.9 million or $0.11 per share from 2023 [1]. - Adjusted Net Income was $47.8 million, or $2.97 per share, reflecting an increase of $2.6 million or $0.15 per share compared to 2023 [1]. - Electric GAAP Gross Margin was $78.0 million, a slight decrease of $0.1 million from 2023, primarily due to higher depreciation and amortization expenses [2]. - Electric Adjusted Gross Margin increased to $107.3 million, up $3.2 million from 2023, driven by higher rates and customer growth [3]. - Gas GAAP Gross Margin rose to $120.1 million, an increase of $6.0 million compared to 2023, supported by higher rates and customer growth [5]. - Gas Adjusted Gross Margin was $166.9 million, reflecting a $12.4 million increase from 2023, also attributed to higher rates and customer growth [5]. Expenses and Costs - Operation and Maintenance (O&M) expenses increased by $2.0 million in 2024, mainly due to higher labor costs [6]. - Depreciation and Amortization expenses rose by $8.7 million, reflecting higher depreciation rates and additional depreciation from increased utility plant in service [6]. - Taxes Other Than Income Taxes increased by $1.4 million, driven by higher local property taxes and payroll taxes [7]. - Interest Expense, Net increased by $0.6 million, primarily due to higher interest on long-term debt [7]. Dividend Information - The annual common dividend for 2024 was $1.70 per share, with a quarterly dividend declared at $0.45 per share in January 2025, increasing the annualized dividend rate to $1.80 per share [10]. Customer Metrics - Unitil serves approximately 109,400 electric customers and, following the acquisition of Bangor Natural Gas Company, approximately 97,600 natural gas customers [13].

Core Points - Unitil Corporation has completed the acquisition of Bangor Natural Gas Company for a total purchase price of $70.9 million, plus an estimated $0.3 million for working capital [3] - The acquisition adds approximately 8,500 customers and expands Unitil's distribution network by 351 miles of pipelines, bringing the total customer base to around 207,000 across Maine, New Hampshire, and Massachusetts [2][4] - The acquisition was finalized after receiving necessary approvals from the Maine Public Utilities Commission, and it was first announced on July 8, 2024 [1][3] Company Overview - Unitil Corporation is a public utility holding company that provides electricity and natural gas services in New England, specifically in Maine, New Hampshire, and Massachusetts [4] - The company is committed to delivering safe, clean, reliable, and affordable energy, and it emphasizes community involvement and the development of efficient energy practices [4] - Following the acquisition, Unitil's operating utilities will serve approximately 109,400 electric customers and 97,600 natural gas customers [4]

Core Viewpoint - Unitil Corporation (UTL) has announced a 5.9% increase in its quarterly dividend, raising it from 42.5 cents to 45 cents per share, payable on February 28, 2025, to stockholders of record as of February 13, 2025 [1] Dividend and Financial Metrics - The annualized dividend is now $1.80 per share, up from the previous $1.70, with a target annual dividend payout ratio of 55-65% [2] - The current dividend yield stands at 3.17%, significantly higher than the Zacks S&P 500 composite average of 1.19% [2] Growth and Investment Strategy - The company is projected to invest $910 million in capital projects through 2028, which is nearly 47% higher than the previous five years [4] - UTL's capital investments focus on upgrading metering infrastructure to enhance system utilization and customer end-use, with expected long-term rate base growth of 6.5-8.5% driven by these expenditures [4] - Ongoing interest rate cuts are anticipated to lower capital servicing costs, thereby increasing margins and profitability [4] Operational Efficiency - UTL is implementing cost control initiatives, expecting operation and maintenance expenses to grow at or below inflation, which should enhance margins over the long term [6] - The company projects an 8-10% annual total shareholder return, indicating strong growth prospects and the ability to sustain shareholder-friendly initiatives [6] Industry Context - Utility companies typically exhibit stable operations and earnings, allowing them to provide regular dividends to shareholders [7] - Recent dividend increases from other utility companies include NiSource (5.7%), ONE Gas (1%), and WEC Energy Group (6.9%) [7] Stock Performance - Over the past year, UTL's shares have increased by 12.9%, compared to the industry's growth of 16.8% [9]

HAMPTON, N.H., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE:UTL) (unitil.com) today announced that its Board of Directors raised the quarterly dividend on the Company’s common stock to $0.45 per share, an increase of $0.025 per share. Today’s action increased the Company’s annualized dividend by $0.10, to $1.80 per share. Also today, the Board declared the first quarter common stock dividend of $0.45 per share, payable February 28, 2025, to shareholders of record on February 13, 2025. About Un ...

HAMPTON, N.H., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) has scheduled the release of its fourth quarter 2024 earnings after the market closes on February 10, 2025. Unitil will host its conference call and webcast on February 11, 2025 at 10:00 a.m. (ET) to review its results. Related presentation materials will be available before the call on the Company’s Investors page at investors.unitil.com. The conference call will be broadcast live in listen-only mode on the Company ...

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]