Unitil Reports Third Quarter Earnings
Unitil (NYSE: UTL) reported Q3 2024 GAAP Net Income of $11 thousand ($0.00 EPS), down $1.4 million from Q3 2023. For the first nine months of 2024, Net Income was $31.5 million ($1.96 EPS), up $1.8 million year-over-year. The company's Adjusted Net Income for Q3 2024 was $0.4 million ($0.02 EPS), while the nine-month adjusted figure reached $32.1 million ($2.00 EPS). Higher rates and customer growth drove earnings improvements in the first nine months, despite increased operational costs and depreciation expenses.
Unitil (NYSE: UTL) ha riportato un utile netto GAAP di $11 mila ($0,00 EPS) per il terzo trimestre del 2024, in calo di $1,4 milioni rispetto al terzo trimestre del 2023. Nei primi nove mesi del 2024, l'utile netto è stato di $31,5 milioni ($1,96 EPS), con un aumento di $1,8 milioni anno su anno. L'utile netto rettificato dell'azienda per il terzo trimestre del 2024 è stato di $0,4 milioni ($0,02 EPS), mentre la cifra rettificata per i nove mesi ha raggiunto $32,1 milioni ($2,00 EPS). Aumenti delle tariffe e crescita della clientela hanno guidato il miglioramento degli utili nei primi nove mesi, nonostante l'aumento dei costi operativi e delle spese di ammortamento.
Unitil (NYSE: UTL) reportó un ingreso neto GAAP de $11 mil ($0.00 EPS) para el tercer trimestre de 2024, una disminución de $1.4 millones en comparación con el tercer trimestre de 2023. En los primeros nueve meses de 2024, el ingreso neto fue de $31.5 millones ($1.96 EPS), un incremento de $1.8 millones interanual. El ingreso neto ajustado de la compañía para el tercer trimestre de 2024 fue de $0.4 millones ($0.02 EPS), mientras que la cifra ajustada de los nueve meses alcanzó $32.1 millones ($2.00 EPS). Tarifas más altas y el crecimiento de clientes impulsaron las mejoras en las ganancias en los primeros nueve meses, a pesar del aumento de los costos operativos y de las depreciaciones.
Unitil (NYSE: UTL)는 2024년 3분기 GAAP 기준 순이익이 $11,000 ($0.00 EPS)으로, 2023년 3분기보다 $1.4백만 감소했다고 보고했습니다. 2024년 9개월 동안의 순이익은 $31.5백만 ($1.96 EPS)으로, 전년 대비 $1.8백만 증가했습니다. 2024년 3분기 회사의 조정된 순이익은 $0.4백만 ($0.02 EPS) 이었으며, 9개월 조정 수치는 $32.1백만 ($2.00 EPS)에 달했습니다. 증가한 요금과 고객 증가가 첫 9개월 동안 수익 개선을 이끌었지만, 운영 비용 및 감가상각비는 증가했습니다.
Unitil (NYSE: UTL) a déclaré un revenu net GAAP de 11 000 $ (0,00 $ EPS) pour le troisième trimestre de 2024, en baisse de 1,4 million $ par rapport au troisième trimestre de 2023. Pour les neuf premiers mois de 2024, le revenu net était de 31,5 millions $ (1,96 $ EPS), en hausse de 1,8 million $ d'une année sur l'autre. Le revenu net ajusté de l'entreprise pour le troisième trimestre de 2024 était de 0,4 million $ (0,02 $ EPS), tandis que le chiffre ajusté pour les neuf mois a atteint 32,1 millions $ (2,00 $ EPS). Des tarifs plus élevés et une croissance de la clientèle ont favorisé l'amélioration des bénéfices au cours des neuf premiers mois, malgré l'augmentation des coûts d'exploitation et des dépenses d'amortissement.
Unitil (NYSE: UTL) meldete für das 3. Quartal 2024 einen GAAP-Nettoertrag von 11.000 USD (0,00 USD EPS), was einen Rückgang von 1,4 Millionen USD im Vergleich zum 3. Quartal 2023 darstellt. In den ersten neun Monaten des Jahres 2024 betrug der Nettoertrag 31,5 Millionen USD (1,96 USD EPS), was einem Anstieg von 1,8 Millionen USD im Jahresvergleich entspricht. Der bereinigte Nettoertrag des Unternehmens für das 3. Quartal 2024 betrug 0,4 Millionen USD (0,02 USD EPS), während die bereinigte Zahl für die neun Monate 32,1 Millionen USD (2,00 USD EPS) erreichte. Höhere Tarife und Kundenwachstum trugen trotz gestiegener Betriebskosten und Abschreibungen zur Verbesserung der Erträge in den ersten neun Monaten bei.
- Net Income for first nine months of 2024 increased by $1.8 million to $31.5 million
- Nine-month Adjusted Net Income grew by $2.4 million to $32.1 million
- Gas Adjusted Gross Margin increased by $9.2 million in the nine-month period
- Higher rates and customer growth contributed to improved performance
- Q3 2024 GAAP Net Income decreased by $1.4 million to just $11 thousand
- Q3 2024 Adjusted Net Income declined by $1.0 million to $0.4 million
- Operation and Maintenance expenses increased by $1.1 million in the nine-month period
- Interest Expense increased by $1.0 million in the nine-month period
Insights
Unitil's Q3 2024 results show mixed performance. Net Income dropped to just
Key operational metrics reveal increasing costs pressures: Operation & Maintenance expenses rose, depreciation costs increased significantly and interest expenses grew due to higher borrowing costs. Despite these challenges, the company's core business shows resilience through higher rates and customer growth in both electric and gas segments.
The stable quarterly dividend of
HAMPTON, N.H., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced GAAP Net Income (Net Income) of
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1 The accompanying Supplemental Information more fully describes the non-GAAP financial measures used in this press release and includes a reconciliation of the non-GAAP financial measures to the financial measures that the Company’s management believes are the most comparable GAAP financial measures. A discussion of the changes in the most comparable GAAP financial measures for the periods presented is included in the main body of this press release.
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“We are pleased with the Company’s strong operational and financial performance through the first nine months of 2024,” said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “Regulatory and transition activities for the planned acquisition of Bangor Natural Gas Company continue as expected and we recently issued our 2024 Corporate Sustainability and Responsibility Report, which describes our accomplishments, initiatives, and commitments related to sustainable practices and creating long-term sustainable value for stakeholders.”
Electric GAAP Gross Margin was
Electric Adjusted Gross Margin (a non-GAAP financial measure1) was
Gas GAAP Gross Margin was
Gas Adjusted Gross Margin (a non-GAAP financial measure1) was
Operation and Maintenance expenses increased
Depreciation and Amortization expense increased
Taxes Other Than Income Taxes increased
Other (Income) Expense, Net decreased
Federal and State Income Taxes for the three and nine months ended September 30, 2024 decreased
At its January 2024, May 2024, July 2024 and October 2024 meetings, the Unitil Corporation Board of Directors declared quarterly dividends on the Company’s common stock of
The Company’s earnings historically have been seasonal and typically have been higher in the first and fourth quarters when customers use natural gas for heating purposes.
The Company will hold a quarterly conference call to discuss second quarter 2024 results on Tuesday, November 5, 2024, at 10:00 a.m. Eastern Time. This call is being webcast. This call, financial and other statistical information contained in the Company’s presentation on this call, and information required by Regulation G regarding non-GAAP financial measures can be accessed in the Investor Relations section of Unitil’s website, unitil.com.
About Unitil Corporation
Unitil Corporation provides energy for life by safely and reliably delivering electricity and natural gas in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 108,500 electric customers and 88,400 natural gas customers. For more information about our people, technologies, and community involvement please visit unitil.com.
Forward-Looking Statements
This press release may contain forward-looking statements. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitil’s beliefs and current expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include the following: Unitil’s regulatory environment (including regulations relating to climate change, greenhouse gas emissions and other environmental matters); fluctuations in the supply of, the demand for, and the prices of, energy commodities and transmission and transportation capacity and Unitil’s ability to recover energy commodity costs in its rates; customers’ preferred energy sources; severe storms and Unitil’s ability to recover storm costs in its rates; general economic conditions; variations in weather; long-term global climate change; unforeseen or changing circumstances, which could adversely affect the reduction of company-wide direct greenhouse gas emissions; Unitil’s ability to retain its existing customers and attract new customers; increased competition; and other risks detailed in Unitil's filings with the Securities and Exchange Commission. These forward looking statements speak only as of the date they are made. Unitil undertakes no obligation, and does not intend, to update these forward-looking statements except as required by law.
| For more information please contact: | |
| Christopher Goulding – Investor Relations | Alec O’Meara – External Affairs |
| Phone: 603-773-6466 | Phone: 603-773-6404 |
| Email: gouldingc@unitil.com | Email: omeara@unitil.com |
Supplemental Information; Non-GAAP Financial Measures
The Company's earnings discussion includes Adjusted Net Income, a non-GAAP financial measure referencing our 2024 GAAP Net Income less certain transaction costs related to the Company's acquisition of Bangor Natural Gas Company (Bangor), which it disclosed previously in 2024. The Company's management believes that the transaction costs related to the acquisition of Bangor, which are included in Operation and Maintenance expense on the Consolidated Statements of Earnings, are not indicative of the Company's ongoing costs and not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance.
In the following tables the Company has reconciled Adjusted Net Income to GAAP Net Income, which we believe to be the most comparable GAAP financial measure.
| (Millions, except per share data) | ||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | |||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||
| GAAP Net Income | $ | --- | $ | --- | $ | 1.4 | $ | 0.09 | ||||
| Transaction Costs | 0.4 | 0.02 | --- | --- | ||||||||
| Adjusted Net Income | $ | 0.4 | $ | 0.02 | $ | 1.4 | $ | 0.09 | ||||
| Nine Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30 | |||||||||||
| 2024 | 2023 | |||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||
| GAAP Net Income | $ | 31.5 | $ | 1.96 | $ | 29.7 | $ | 1.85 | ||||
| Transaction Costs | 0.6 | 0.04 | --- | --- | ||||||||
| Adjusted Net Income | $ | 32.1 | $ | 2.00 | $ | 29.7 | $ | 1.85 | ||||
The Company analyzes operating results using Electric and Gas Adjusted Gross Margins, which are non-GAAP financial measures. Electric Adjusted Gross Margin is calculated as Total Electric Operating Revenue less Cost of Electric Sales. Gas Adjusted Gross Margin is calculated as Total Gas Operating Revenues less Cost of Gas Sales. The Company’s management believes Electric and Gas Adjusted Gross Margins are important financial measures to analyze revenue from the Company’s ongoing operations because the approved cost of electric and gas sales are tracked, reconciled and passed through directly to customers in electric and gas tariff rates, resulting in an equal and offsetting amount reflected in Total Electric and Gas Operating Revenue.
In the following tables the Company has reconciled Electric and Gas Adjusted Gross Margin to GAAP Gross Margin, which we believe to be the most comparable GAAP financial measure. GAAP Gross Margin is calculated as Revenue less Cost of Sales, and Depreciation and Amortization. The Company calculates Electric and Gas Adjusted Gross Margin as Revenue less Cost of Sales. The Company believes excluding Depreciation and Amortization, which are period costs and not related to volumetric sales, is a meaningful measure to inform investors of the Company’s profitability from electric and gas sales in the period.
| Three Months Ended September 30, 2024 ($ millions) | ||||||||||||
| Electric | Gas | Other | Total | |||||||||
| Total Operating Revenue | $ | 62.5 | $ | 30.4 | $ | --- | $ | 92.9 | ||||
| Less: Cost of Sales | (32.8 | ) | (7.1 | ) | --- | (39.9 | ) | |||||
| Less: Depreciation and Amortization | (7.4 | ) | (11.5 | ) | (0.2 | ) | (19.1 | ) | ||||
| GAAP Gross Margin | 22.3 | 11.8 | (0.2 | ) | 33.9 | |||||||
| Depreciation and Amortization | 7.4 | 11.5 | 0.2 | 19.1 | ||||||||
| Adjusted Gross Margin | $ | 29.7 | $ | 23.3 | $ | --- | $ | 53.0 | ||||
| Three Months Ended September 30, 2023 ($ millions) | ||||||||||||
| Electric | Gas | Other | Total | |||||||||
| Total Operating Revenue | $ | 72.1 | $ | 31.8 | $ | --- | $ | 103.9 | ||||
| Less: Cost of Sales | (42.9 | ) | (9.6 | ) | --- | (52.5 | ) | |||||
| Less: Depreciation and Amortization | (6.6 | ) | (9.9 | ) | (0.3 | ) | (16.8 | ) | ||||
| GAAP Gross Margin | 22.6 | 12.3 | (0.3 | ) | 34.6 | |||||||
| Depreciation and Amortization | 6.6 | 9.9 | 0.3 | 16.8 | ||||||||
| Adjusted Gross Margin | $ | 29.2 | $ | 22.2 | $ | --- | $ | 51.4 | ||||
| Nine Months Ended September 30, 2024 ($ millions) | ||||||||||||
| Electric | Gas | Other | Total | |||||||||
| Total Operating Revenue | $ | 192.5 | $ | 174.8 | $ | --- | $ | 367.3 | ||||
| Less: Cost of Sales | (110.8 | ) | (59.2 | ) | --- | (170.0 | ) | |||||
| Less: Depreciation and Amortization | (21.5 | ) | (33.2 | ) | (0.5 | ) | (55.2 | ) | ||||
| GAAP Gross Margin | 60.2 | 82.4 | (0.5 | ) | 142.1 | |||||||
| Depreciation and Amortization | 21.5 | 33.2 | 0.5 | 55.2 | ||||||||
| Adjusted Gross Margin | $ | 81.7 | $ | 115.6 | $ | --- | $ | 197.3 | ||||
| Nine Months Ended September 30, 2023 ($ millions) | ||||||||||||
| Electric | Gas | Other | Total | |||||||||
| Total Operating Revenue | $ | 244.8 | $ | 182.7 | $ | --- | $ | 427.5 | ||||
| Less: Cost of Sales | (164.7 | ) | (76.3 | ) | --- | (241.0 | ) | |||||
| Less: Depreciation and Amortization | (19.5 | ) | (29.8 | ) | (0.8 | ) | (50.1 | ) | ||||
| GAAP Gross Margin | 60.6 | 76.6 | (0.8 | ) | 136.4 | |||||||
| Depreciation and Amortization | 19.5 | 29.8 | 0.8 | 50.1 | ||||||||
| Adjusted Gross Margin | $ | 80.1 | $ | 106.4 | $ | --- | $ | 186.5 | ||||
Selected financial data for 2024 and 2023 is presented in the following table:
| Unitil Corporation – Condensed Consolidated Financial Data | ||||||||||||||||||||||||
| (Millions, except Per Share data)(Unaudited) | ||||||||||||||||||||||||
| Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||
| Electric kWh Sales: | ||||||||||||||||||||||||
| Residential | 194.6 | 187.0 | 515.3 | 501.7 | ||||||||||||||||||||
| Commercial/Industrial | 257.1 | 253.2 | 708.9 | 696.0 | ||||||||||||||||||||
| Total Electric kWh Sales | 451.7 | 440.2 | 2.6% | 1,224.2 | 1,197.7 | 2.2% | ||||||||||||||||||
| Gas Therm Sales: | ||||||||||||||||||||||||
| Residential | 2.5 | 2.5 | --- | 32.3 | 32.6 | ( | ) | |||||||||||||||||
| Commercial/Industrial | 25.2 | 25.3 | ( | ) | 131.6 | 132.1 | ( | ) | ||||||||||||||||
| Total Gas Therm Sales | 27.7 | 27.8 | ( | ) | 163.9 | 164.7 | ( | ) | ||||||||||||||||
| Electric Revenues | $ | 62.5 | $ | 72.1 | $ | (9.6 | ) | $ | 192.5 | $ | 244.8 | $ | (52.3 | ) | ||||||||||
| Cost of Electric Sales | 32.8 | 42.9 | (10.1 | ) | 110.8 | 164.7 | (53.9 | ) | ||||||||||||||||
| Electric Adjusted Gross Margin (a non-GAAP financial measure1): | 29.7 | 29.2 | 0.5 | 81.7 | 80.1 | 1.6 | ||||||||||||||||||
| Gas Revenues | 30.4 | 31.8 | (1.4 | ) | 174.8 | 182.7 | (7.9 | ) | ||||||||||||||||
| Cost of Gas Sales | 7.1 | 9.6 | (2.5 | ) | 59.2 | 76.3 | (17.1 | ) | ||||||||||||||||
| Gas Adjusted Gross Margin (a non-GAAP financial measure1): | 23.3 | 22.2 | 1.1 | 115.6 | 106.4 | 9.2 | ||||||||||||||||||
| Total Adjusted Gross Margin (a non-GAAP financial measure1): | 53.0 | 51.4 | 1.6 | 197.3 | 186.5 | 10.8 | ||||||||||||||||||
| Operation & Maintenance Expenses | 20.3 | 19.6 | 0.7 | 57.1 | 56.0 | 1.1 | ||||||||||||||||||
| Depreciation & Amortization | 19.1 | 16.8 | 2.3 | 55.2 | 50.1 | 5.1 | ||||||||||||||||||
| Taxes Other Than Income Taxes | 7.8 | 7.0 | 0.8 | 22.6 | 21.1 | 1.5 | ||||||||||||||||||
| Other (Income) Expense, Net | (0.3 | ) | --- | (0.3 | ) | 0.1 | (0.1 | ) | 0.2 | |||||||||||||||
| Interest Expense, Net | 7.4 | 7.0 | 0.4 | 22.1 | 21.1 | 1.0 | ||||||||||||||||||
| Income (Loss) Before Income Taxes | (1.3 | ) | 1.0 | (2.3 | ) | 40.2 | 38.3 | 1.9 | ||||||||||||||||
| Provision for Income Taxes | (1.3 | ) | (0.4 | ) | (0.9 | ) | 8.7 | 8.6 | 0.1 | |||||||||||||||
| Net Income | $ | --- | $ | 1.4 | $ | (1.4 | ) | $ | 31.5 | $ | 29.7 | $ | 1.8 | |||||||||||
| Earnings Per Share | $ | --- | $ | 0.09 | $ | (0.09 | ) | $ | 1.96 | $ | 1.85 | $ | 0.11 | |||||||||||
FAQ
What was Unitil's (UTL) earnings per share for Q3 2024?
How much did Unitil's (UTL) net income increase in the first nine months of 2024?
What is Unitil's (UTL) current annual dividend rate for 2024?
How did Unitil's (UTL) Gas Adjusted Gross Margin perform in the first nine months of 2024?
