Welcome to our dedicated page for Unitil Corporation news (Ticker: UTL), a resource for investors and traders seeking the latest updates and insights on Unitil Corporation stock.
Unitil Corporation (NYSE: UTL) is a public utility holding company that provides essential energy services in New England through its subsidiaries. The company focuses on the distribution of natural gas and electricity to residential, commercial, and industrial customers in Maine, New Hampshire, and Massachusetts. Unitil's commitment to its customers centers around safely and reliably delivering energy while fostering sustainable practices.
Unitil serves approximately 108,500 electric customers and 88,400 natural gas customers. The company operates through three primary segments: utility gas operations, utility electric operations, and non-regulated business. Its non-regulated segment, Usource, offers energy procurement and advisory services.
Recent financial results highlight Unitil's disciplined approach to cost management and strategic growth. For example, Electric GAAP Gross Margin for 2023 was $78.1 million, an increase driven by higher rates and customer growth. Similarly, Gas GAAP Gross Margin was $114.1 million, showcasing a strong financial profile despite challenges like warmer winter weather.
To engage stakeholders, Unitil frequently hosts conference calls and webcasts, making detailed financial and operational information accessible. The company continues to demonstrate resilience through proactive management of regulatory initiatives and a steadfast focus on sustainability. As part of its long-term strategy, Unitil maintains an unbroken record of quarterly dividend payments, reflecting its financial stability and shareholder value.
Unitil remains committed to community involvement, evidenced by its active engagement in developing people, business practices, and technologies that enhance energy efficiency. For more information about Unitil's services, community activities, and sustainability initiatives, visit unitil.com.
Unitil (NYSE: UTL) has announced the schedule for its second quarter 2024 earnings release and conference call. The earnings will be released before the market opens on August 6, 2024, followed by a conference call and webcast at 2:00 p.m. (ET) on the same day. Presentation materials will be available on the company's Investors page before the call.
The conference call will be broadcast live in listen-only mode on Unitil's Investors page. Interested parties can access dial information by registering via a provided web link. An archive of the webcast will be available for one year on the company's website.
Unitil is a public utility holding company operating in Maine, New Hampshire, and Massachusetts, serving approximately 108,500 electric customers and 88,400 natural gas customers in New England.
Unitil (NYSE: UTL) announced plans to acquire Bangor Natural Gas Company from Hope Utilities' subsidiary, PHC Utilities, for $70.9 million on a debt-free basis. The acquisition, which values Bangor at 1.2 times its rate base as of December 31, 2023, will make Bangor a wholly-owned subsidiary of Unitil upon completion. The transaction is expected to close by the end of Q1 2025, pending approval from the Maine Public Utilities Commission and other conditions.
Unitil plans to finance the purchase with a balanced mix of equity and debt, having secured committed debt financing from Scotiabank. Bangor, operational since 1998, serves approximately 8,500 customers with 351 miles of distribution pipelines and nine miles of transmission pipelines. The acquisition aims to enhance Unitil's natural gas distribution operations in Maine.
Unitil reported a Net Income of $27.2 million, or $1.69 EPS, for the first quarter of 2024, showing an increase of $3.1 million in Net Income compared to the same period in 2023. The Electric and Gas GAAP Gross Margins were $20.1 million and $50.2 million, respectively. The company's successful performance was attributed to the response to winter storms, progress on regulatory initiatives, and disciplined cost management.
Unitil held its Annual Meeting of Shareholders, electing new Directors and approving key decisions. Thomas P. Meissner, Jr., presented highlights from 2023, focusing on a transition to a clean energy future. Shareholders also approved the Company's Third Amended and Restated Stock Plan and Deloitte & Touche, LLP as independent registered public accountants for 2024.
Unitil (NYSE:UTL) declared a regular quarterly dividend of $0.425 per share on its common stock, payable on May 31, 2024, to shareholders of record on May 16, 2024. This results in an annualized dividend rate of $1.70 per share. Unitil is a public utility company providing electricity and natural gas in New England.
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