Revenue and Operations - Unitil Corporation serves approximately 198,500 customers across New Hampshire, Massachusetts, and Maine, with a total operating revenue of 494.8millionin2024[16][17].−Revenuefromelectricutilityoperationswas248.3 million in 2024, accounting for about 50% of total operating revenue, with an Electric Adjusted Gross Margin of 107.3million[21][25].−Naturalgasoperationsgenerated246.5 million in revenue in 2024, also representing about 50% of total operating revenue, with a Gas Adjusted Gross Margin of 166.9million[25][26].−UnitilEnergy′selectricoperatingrevenuewas164.7 million in 2024, with approximately 57% from residential sales and 43% from commercial and industrial sales[23]. - Fitchburg's electric operating revenue was 83.6millionin2024,withapproximately58188.7 million in 2024, with approximately 38% from residential firm sales and 62% from commercial and industrial firm sales[27]. - Fitchburg's gas operating revenue was 48.0millionin2024,withapproximately579.8 million in 2024[29]. - Unitil's total revenue for 2024 was 494.8million,whichincludesrevenuetorecovertheapprovedcostofpurchasedelectricityandnaturalgas[136].−TotalOperatingRevenuefor2024was494.8 million, a decrease of 62.3millionor11.258.2 million or 19.0% in 2024, totaling 248.3million,whileGasOperatingRevenuedecreasedby4.1 million or 1.6%, totaling 246.5million[163][170].FinancialPerformance−AdjustedNetIncomefor2024was47.8 million, or 2.97pershare,comparedto45.2 million, or 2.82persharein2023[148].−TheCompany′scurrenteffectiveannualizeddividendis1.80 per share of common stock, payable quarterly[77]. - The Company reported a total dividend of 1.70percommonsharefortheyearendedDecember31,2024,comparedto1.62 in 2023, reflecting a year-over-year increase of 4.94%[124]. - The Company had approximately 105.8millioninshort−termdebtoutstandingunderitsrevolvingcreditfacilityasofDecember31,2024[70].−TheCompanyagreedtoacquireBangorNaturalGasCompanyfor70.9 million in cash, with the transaction closing on January 31, 2025[79]. - The Company may need to use a significant portion of its cash flow to repay its short-term and long-term debt, limiting available cash for other purposes[72]. - The Company's financial condition could be adversely affected by declines in capital market valuations, requiring substantial cash contributions to cover pension obligations[74]. - Cash provided by operating activities increased to 125.9millionin2024,up18.9 million from 107.0millionin2023[209].−Cashflowfromnetincome,adjustedfornon−cashcharges,was136.4 million in 2024, an increase of 16.4millioncomparedto120.0 million in 2023, primarily due to higher electric and gas sales margin[210]. - Cash used in investing activities rose to (169.9)millionin2024,anincreaseof28.9 million from (141.0)millionin2023,drivenbynormalutilitycapitalexpenditures[213].−Cashprovidedbyfinancingactivitiesincreasedto43.8 million in 2024, up 12.3millionfrom31.5 million in 2023, primarily due to higher proceeds from long-term debt issuance of 110.0million[214].RegulatoryandOperationalRisks−TheCompanyfacesoperationalrisksrelatedtothedisruptionofnaturalgaspipelinetransmissionandelectrictransmissioncapacity,whichcouldimpairitsabilitytomeetcustomerdemands[49].−Regulatoryauthoritieshavethepowertoimposefinancialpenaltiesandsanctions,whichcouldadverselyaffecttheCompany′sfinancialconditionandresultsofoperations[66].−TheCompanyissubjecttoextensiveenvironmentalregulations,andanychangescouldresultinincreasedcompliancecostsandliabilities[68].−Approximatelyone−thirdoftheCompany′semployeesarerepresentedbylaborunions,whichmayleadtoworkstoppagesordisputesaffectingservicedelivery[60].−TheCompanymaintainsinsuranceagainstsomeoperationalrisks,butnotall,whichcouldleadtosignificantfinancialimpactsincaseofaccidents[51].−TheCompanyreliesonthird−partysuppliersforcertainbusinessfunctions,andsubstandardperformancebythesesupplierscouldharmitsoperationsandreputation[57].−TheCompany′sabilitytorecoverelectricityandnaturalgassupplycostsissubjecttoregulatoryauthority,andfailuretodosocouldadverselyaffectitsfinancialcondition[65].−ChangesintaxationcouldadverselyaffecttheCompany′sfinancialresults,asitissubjecttovarioustaxingauthorities[73].−TheCompanyfacesrisksfromtemperaturesensitivity,asmildweathercoulddecreasesalesofnaturalgasandelectricity[85].EnvironmentalandSustainabilityInitiatives−TheCompanyiscommittedtoreducinggreenhousegasemissionsfrom2019levelsbyatleast501,539.6 million as of December 31, 2024[17]. - The projected capital spending for 2025 is $176 million, reflecting ongoing investment in utility infrastructure[213]. - The Company owns five utility operating centers located in New Hampshire, Maine, and Massachusetts, with significant infrastructure including 1,741 overhead pole miles and 310 underground conduit distribution bank miles[107][109]. - The Company's natural gas operations include 1,464 miles of underground natural gas mains and 60,626 service pipes across various states[111]. Employee and Labor Relations - As of December 31, 2024, a total of 172 employees were represented by labor unions across various subsidiaries, with the largest group being 46 employees at Fitchburg, whose collective bargaining agreement expires on May 31, 2027[41]. - The Company expects to negotiate new collective bargaining agreements prior to their expiration dates to ensure continued operational stability[41].
Unitil(UTL)2025-02-10 22:00