Unitil Reports Year-End Earnings
Unitil (NYSE: UTL) reported strong financial results for 2024, with GAAP Net Income reaching $47.1 million ($2.93 EPS), up $1.9 million from 2023. Adjusted Net Income was $47.8 million ($2.97 EPS), showing a $2.6 million increase year-over-year.
The company's performance was driven by higher rates and continued customer growth. Electric Adjusted Gross Margin increased by $3.2 million to $107.3 million, while Gas Adjusted Gross Margin rose by $12.4 million to $166.9 million. Operating expenses saw increases across various categories, including O&M ($2.0 million), Depreciation and Amortization ($8.7 million), and Taxes ($1.4 million).
The Board of Directors increased the quarterly dividend to $0.45 per share, raising the effective annualized dividend rate to $1.80 from $1.70. The company also completed its acquisition of Bangor Natural Gas Company, expanding its customer base to serve approximately 109,400 electric and 97,600 natural gas customers.
Unitil (NYSE: UTL) ha riportato risultati finanziari solidi per il 2024, con un utile netto GAAP che ha raggiunto i 47,1 milioni di dollari (2,93 dollari per azione), in aumento di 1,9 milioni di dollari rispetto al 2023. L'utile netto rettificato è stato di 47,8 milioni di dollari (2,97 dollari per azione), mostrando un aumento di 2,6 milioni di dollari rispetto all'anno precedente.
Le performance dell'azienda sono state trainate da tariffe più elevate e da una continua crescita del numero di clienti. Il margine lordo rettificato per l'elettricità è aumentato di 3,2 milioni di dollari raggiungendo i 107,3 milioni di dollari, mentre il margine lordo rettificato per il gas è salito di 12,4 milioni di dollari a 166,9 milioni di dollari. Le spese operative hanno visto aumenti in varie categorie, tra cui O&M (2,0 milioni di dollari), Ammortamento e Deprezzamento (8,7 milioni di dollari) e Tasse (1,4 milioni di dollari).
Il Consiglio di Amministrazione ha aumentato il dividendo trimestrale a 0,45 dollari per azione, elevando il tasso di dividendo annuale effettivo a 1,80 dollari da 1,70 dollari. L'azienda ha anche completato l'acquisizione della Bangor Natural Gas Company, ampliando la propria base clienti per servire circa 109.400 clienti elettrici e 97.600 clienti di gas naturale.
Unitil (NYSE: UTL) informó resultados financieros sólidos para 2024, con un ingreso neto GAAP que alcanzó los 47,1 millones de dólares (2,93 dólares por acción), un aumento de 1,9 millones de dólares en comparación con 2023. El ingreso neto ajustado fue de 47,8 millones de dólares (2,97 dólares por acción), mostrando un incremento de 2,6 millones de dólares respecto al año anterior.
El rendimiento de la empresa fue impulsado por tasas más altas y un crecimiento continuo de clientes. El margen bruto ajustado de electricidad aumentó en 3,2 millones de dólares alcanzando 107,3 millones de dólares, mientras que el margen bruto ajustado de gas subió en 12,4 millones de dólares hasta 166,9 millones de dólares. Los gastos operativos vieron aumentos en varias categorías, incluyendo O&M (2,0 millones de dólares), Depreciación y Amortización (8,7 millones de dólares) y Tasas (1,4 millones de dólares).
La Junta Directiva incrementó el dividendo trimestral a 0,45 dólares por acción, elevando la tasa de dividendo anual efectiva a 1,80 dólares desde 1,70 dólares. La empresa también completó la adquisición de Bangor Natural Gas Company, ampliando su base de clientes para atender a aproximadamente 109,400 clientes eléctricos y 97,600 clientes de gas natural.
Unitil (NYSE: UTL)는 2024년 강력한 재무 결과를 보고하였으며, GAAP 순이익이 4710만 달러(주당 2.93달러)에 도달하여 2023년 대비 190만 달러 증가했습니다. 조정된 순이익은 4780만 달러(주당 2.97달러)로 연평균 260만 달러 증가했습니다.
회사의 실적은 높은 요금과 지속적인 고객 증가에 힘입었습니다. 전력 조정 총 이익률은 320만 달러 증가하여 1억 730만 달러에 달했으며, 가스 조정 총 이익률은 1240만 달러 증가하여 1억 6690만 달러에 도달했습니다. 운영 비용은 O&M(200만 달러), 감가상각 및 상각(870만 달러), 세금(140만 달러) 등 다양한 항목에서 증가했습니다.
이사회는 분기 배당금을 주당 0.45달러로 인상하며 실제 연 배당률을 1.70달러에서 1.80달러로 끌어올렸습니다. 회사는 또한 방고르 천연가스 회사 인수를 완료하여 약 109,400명의 전기 고객과 97,600명의 천연가스 고객을 추가로 서비스할 수 있는 고객 기반을 확대했습니다.
Unitil (NYSE: UTL) a annoncé de solides résultats financiers pour 2024, avec un bénéfice net GAAP atteignant 47,1 millions de dollars (2,93 dollars par action), en hausse de 1,9 million de dollars par rapport à 2023. Le bénéfice net ajusté s'élevait à 47,8 millions de dollars (2,97 dollars par action), montrant une augmentation de 2,6 millions de dollars d'une année sur l'autre.
La performance de l'entreprise a été soutenue par des tarifs plus élevés et une croissance continue du nombre de clients. La marge brute ajustée pour l'électricité a augmenté de 3,2 millions de dollars, atteignant 107,3 millions de dollars, tandis que la marge brute ajustée pour le gaz a augmenté de 12,4 millions de dollars pour atteindre 166,9 millions de dollars. Les dépenses d'exploitation ont connu des augmentations dans plusieurs catégories, y compris O&M (2,0 millions de dollars), amortissements et dépréciations (8,7 millions de dollars) et impôts (1,4 million de dollars).
Le conseil d'administration a augmenté le dividende trimestriel à 0,45 dollar par action, portant le taux de dividende annualisé effectif à 1,80 dollar contre 1,70 dollar. L'entreprise a également finalisé l'acquisition de Bangor Natural Gas Company, élargissant ainsi sa base de clients pour servir environ 109 400 clients électriques et 97 600 clients de gaz naturel.
Unitil (NYSE: UTL) hat für 2024 starke finanzielle Ergebnisse gemeldet, mit einem GAAP-Nettogewinn von 47,1 Millionen Dollar (2,93 Dollar pro Aktie), was einem Anstieg von 1,9 Millionen Dollar im Vergleich zu 2023 entspricht. Der bereinigte Nettogewinn betrug 47,8 Millionen Dollar (2,97 Dollar pro Aktie) und zeigt einen Anstieg von 2,6 Millionen Dollar im Jahresvergleich.
Die Leistung des Unternehmens wurde durch höhere Tarife und ein kontinuierliches Kundenwachstum unterstützt. Die bereinigte Bruttomarge für Strom stieg um 3,2 Millionen Dollar auf 107,3 Millionen Dollar, während die bereinigte Bruttomarge für Gas um 12,4 Millionen Dollar auf 166,9 Millionen Dollar anstieg. Die Betriebsausgaben wiesen in verschiedenen Kategorien Steigerungen auf, darunter O&M (2,0 Millionen Dollar), Abschreibungen und Amortisation (8,7 Millionen Dollar) sowie Steuern (1,4 Millionen Dollar).
Der Vorstand erhöhte die vierteljährliche Dividende auf 0,45 Dollar pro Aktie und hob die effektive annualisierte Dividendenrate auf 1,80 Dollar von 1,70 Dollar an. Das Unternehmen hat zudem die Übernahme der Bangor Natural Gas Company abgeschlossen und seine Kundenbasis erweitert, um etwa 109.400 elektrische und 97.600 Kunden für Erdgas zu bedienen.
- Net Income increased by $1.9 million to $47.1 million in 2024
- Gas Adjusted Gross Margin grew by $12.4 million to $166.9 million
- Electric Adjusted Gross Margin increased by $3.2 million to $107.3 million
- Quarterly dividend increased by $0.025 to $0.45 per share
- Customer base expanded through Bangor Natural Gas acquisition
- Operation & Maintenance expenses increased by $2.0 million
- Depreciation & Amortization costs rose by $8.7 million
- Interest Expense increased by $0.6 million
- Gas therm sales declined by 0.7% year-over-year
Insights
The 2024 financial results demonstrate Unitil's robust operational execution and strategic expansion. The 4.2% increase in net income to
The company's gas segment showed particular strength, with Adjusted Gross Margin increasing 8% to
Cost management remains a key focus area, with O&M expenses increasing
The strategic acquisition of Bangor Natural Gas Company expands Unitil's customer base to 97,600 gas customers, enhancing scale economies and geographic diversification. The $0.10 annual dividend increase to
Looking ahead, Unitil's regulated utility model, coupled with constructive regulatory relationships and infrastructure modernization opportunities, positions the company well for continued growth. The ability to pass through commodity costs to customers through established rate mechanisms provides stability, while the seasonal nature of earnings (stronger in Q1 and Q4) helps in planning capital deployment and dividend coverage.
HAMPTON, N.H., Feb. 10, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced GAAP Net Income of
“I’m pleased to report another year of outstanding performance for our Company, including record financial results, exceptional customer service, and advancement of our strategic priorities. We delivered constructive regulatory outcomes that will benefit both customers and the Company, and maintained our focus on safety, reliability, and operating efficiency,” said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “As we begin 2025, I am pleased that we have completed our acquisition of Bangor Natural Gas, and look forward to providing our new customers with the high level of service they expect of us.”
Electric GAAP Gross Margin was
Electric Adjusted Gross Margin (a non-GAAP financial measure1) was
______________________
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.
______________________
Gas GAAP Gross Margin was
Gas Adjusted Gross Margin (a non-GAAP financial measure1) was
Operation and Maintenance (O&M) expenses increased
Depreciation and Amortization expense increased
Taxes Other Than Income Taxes increased
Interest Expense, Net increased
Other Expense (Income), Net increased
Federal and State Income Taxes increased
In 2024, Unitil’s annual common dividend was
The Company’s earnings are seasonal and are typically 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 fourth quarter and full year 2024 results on Tuesday, February 11, 2025, at 10:00 a.m. Eastern Time. This call is being webcast and an archive of the webcast will be available for one year at investors.unitil.com. 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 109,400 electric customers and, including the Company’s recent acquisition of Bangor Natural Gas Company, 97,600 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: goulding@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) | |||||
| Twelve Months Ended December 31, 2024 | |||||
| Amount | Per Share | ||||
| GAAP Net Income | $ | 47.1 | $ | 2.93 | |
| Transaction Costs | 0.7 | 0.04 | |||
| Adjusted Net Income | $ | 47.8 | $ | 2.97 | |
| Twelve Months Ended December 31, 2023 | |||||
| Amount | Per Share | ||||
| GAAP Net Income | $ | 45.2 | $ | 2.82 | |
| Transaction Costs | --- | --- | |||
| Adjusted Net Income | $ | 45.2 | $ | 2.82 | |
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 provide useful information to investors regarding profitability. Also, the Company’s management believes Electric and Gas Adjusted Gross Margins are important 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.
| Twelve Months Ended December 31, 2024 ($ millions) | |||||||||||
| Electric | Gas | Other | Total | ||||||||
| Total Operating Revenue | $ | 248.3 | $ | 246.5 | $ | --- | $ | 494.8 | |||
| Less: Cost of Sales | (141.0 | ) | (79.6 | ) | --- | (220.6 | ) | ||||
| Less: Depreciation and Amortization | (29.3 | ) | (46.8 | ) | --- | (76.1 | ) | ||||
| GAAP Gross Margin | 78.0 | 120.1 | --- | 198.1 | |||||||
| Depreciation and Amortization | 29.3 | 46.8 | --- | 76.1 | |||||||
| Adjusted Gross Margin | $ | 107.3 | $ | 166.9 | $ | --- | $ | 274.2 | |||
| Twelve Months Ended December 31, 2023 ($ millions) | ||||||||||||
| Electric | Gas | Other | Total | |||||||||
| Total Operating Revenue | $ | 306.5 | $ | 250.6 | $ | --- | $ | 557.1 | ||||
| Less: Cost of Sales | (202.4 | ) | (96.1 | ) | --- | (298.5 | ) | |||||
| Less: Depreciation and Amortization | (26.0 | ) | (40.4 | ) | (1.0 | ) | (67.4 | ) | ||||
| GAAP Gross Margin | 78.1 | 114.1 | (1.0 | ) | 191.2 | |||||||
| Depreciation and Amortization | 26.0 | 40.4 | 1.0 | 67.4 | ||||||||
| Adjusted Gross Margin | $ | 104.1 | $ | 154.5 | $ | --- | $ | 258.6 | ||||
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) | |||||||||||
| Twelve Months Ended December 31, | |||||||||||
| 2024 | 2023 | Change | |||||||||
| Electric kWh Sales: | |||||||||||
| Residential | 659.7 | 649.3 | 1.6 | % | |||||||
| Commercial/Industrial | 924.6 | 914.2 | 1.1 | % | |||||||
| Total Electric kWh Sales | 1,584.3 | 1,563.5 | 1.3 | % | |||||||
| Gas Therm Sales: | |||||||||||
| Residential | 42.3 | 42.9 | (1.4 | %) | |||||||
| Commercial/Industrial | 177.7 | 178.6 | (0.5 | %) | |||||||
| Total Gas Therm Sales | 220.0 | 221.5 | (0.7 | %) | |||||||
| Electric Revenues | $ | 248.3 | $ | 306.5 | $ | (58.2 | ) | ||||
| Cost of Electric Sales | 141.0 | 202.4 | (61.4 | ) | |||||||
| Electric Adjusted Gross Margin (a non-GAAP financial measure1): | 107.3 | 104.1 | 3.2 | ||||||||
| Gas Revenues | 246.5 | 250.6 | (4.1 | ) | |||||||
| Cost of Gas Sales | 79.6 | 96.1 | (16.5 | ) | |||||||
| Gas Adjusted Gross Margin (a non-GAAP financial measure1): | 166.9 | 154.5 | 12.4 | ||||||||
| Total Adjusted Gross Margin: (a non-GAAP financial measure1): | 274.2 | 258.6 | 15.6 | ||||||||
| Operation & Maintenance Expenses | 77.6 | 75.6 | 2.0 | ||||||||
| Depreciation & Amortization | 76.1 | 67.4 | 8.7 | ||||||||
| Taxes Other Than Income Taxes | 29.9 | 28.5 | 1.4 | ||||||||
| Other Expense (Income), Net | 0.2 | --- | 0.2 | ||||||||
| Interest Expense, Net | 29.3 | 28.7 | 0.6 | ||||||||
| Income Before Income Taxes | 61.1 | 58.4 | 2.7 | ||||||||
| Provision for Income Taxes | 14.0 | 13.2 | 0.8 | ||||||||
| Net Income | $ | 47.1 | $ | 45.2 | $ | 1.9 | |||||
| Earnings Per Share | $ | 2.93 | $ | 2.82 | $ | 0.11 | |||||
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