Unitil(US:UTL)2026-02-10 20:02Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 adjusted earnings per share [4] - Adjusted net income increased by $5.5 million compared to 2024, supported by Maine acquisitions, higher distribution rates, and customer growth [9] - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for the year was $199.1 million, an increase of $32.2 million compared to 2024, including $16.6 million from the acquisitions of Bangor Natural Gas and Maine Natural Gas [11] - The company added approximately 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6] - The company’s electric service reliability ranked in the top quartile of industry peers, with customers experiencing 16% less interruption time than New England peers [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4] - A five-year capital investment plan through 2030 totals approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to customer service and operational excellence [7][8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The board approved a quarterly dividend increase to $1.90 per share for 2026, marking a 5.6% increase compared to 2025 [17] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [21]