Unitil Reports Third Quarter Earnings

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]