Unitil(US:UTL)2025-02-11 16:00Financial Data and Key Metrics Changes - The company reported adjusted earnings of $47.8 million or $2.97 per share, an increase of $0.15 per share or 5.3% over 2023 [7][15] - The consolidated return on equity was 9.4%, reflecting effective cost management and regulatory outcomes [7] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the year was $107.3 million, an increase of $3.2 million compared to 2023, driven by higher distribution rates and customer growth [16] - Gas adjusted gross margin for the year was $166.9 million, an increase of $12.4 million compared to 2023, also supported by higher distribution rates and customer growth [17][18] Market Data and Key Metrics Changes - Approximately 60% of the company's gas customers were under decoupled rates, which supported gas adjusted gross margin by approximately $0.28 per share in 2024 [19] Company Strategy and Development Direction - The company completed the acquisition of Bangor Natural Gas for $70.9 million, which is expected to be earnings accretive in the long run [10][11] - A five-year investment plan through 2029 totals approximately $980 million, which is 46% higher than the previous five years, aimed at growing the rate base [22] Management Comments on Operating Environment and Future Outlook - Management reaffirmed guidance for long-term earnings growth, dividend growth, and rate base growth, with adjusted earnings guidance for 2025 expected to be in the range of $3.01 to $3.17 per share [9][21] - The company expects capital spending of approximately $176 million in 2025 for strategic system investments [23] Other Important Information - The Board of Directors approved a quarterly dividend increase of $0.025 per share, bringing the annual dividend to $1.8 per share in 2025, a 5.9% increase from 2024 [27] Q&A Session Summary Question: Can you walk through the strategy for the distribution rate case at UES and the potential customer bill impact? - Management indicated that customer bill impacts will not be known until the case is filed, expected in the second quarter [33][34] Question: Regarding the five-year capital plan, how should equity issuance timing be considered? - Management stated that while 13% of the capital plan will come from equity, there are no immediate plans for equity issuance [35][37]