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Unitil Reports 2026 First Quarter Earnings

UTL
  • Unitil Corporation reported first quarter 2026 Net Income of $33.2 million ($1.85 EPS), an increase of $5.7 million ($0.16 EPS) compared to the first quarter of 2025.
  • Adjusted Net Income for the period was $33.8 million ($1.88 EPS), representing an increase of $5.4 million ($0.14 EPS) over the prior year period, excluding transaction costs related to acquisitions of Bangor, Maine Natural, and Aquarion Companies.
  • Electric GAAP Gross Margin rose to $21.3 million, driven by $2.8 million in higher rates, partially offset by $0.7 million in reduced FERC transmission revenue.
  • Electric Adjusted Gross Margin increased to $29.6 million, reflecting $2.8 million in higher rates minus a $0.7 million reduction in FERC transmission revenue.
  • Gas GAAP Gross Margin increased to $67.1 million, driven by $10.3 million in higher rates and customer growth, plus $0.9 million from favorable cold weather, offset by $1.2 million in higher depreciation.
  • Gas Adjusted Gross Margin rose to $82.1 million, an increase of $11.2 million, driven by higher rates, customer growth, and favorable weather effects.
  • Operation and Maintenance expenses increased by $0.8 million, primarily due to $1.1 million in higher utility operating costs, partially offset by $0.3 million in lower acquisition costs.
  • Depreciation and Amortization expense increased by $1.6 million due to higher levels of utility plant in service.
  • Taxes Other Than Income Taxes increased by $1.2 million, driven by higher local property taxes on utility plant and higher payroll taxes.
  • Interest Expense, Net increased by $1.7 million, primarily reflecting higher short-term borrowings and long-term debt levels.
  • The Board of Directors declared quarterly dividends of $0.475 per share, resulting in an annualized rate of $1.90 per share.
  • Total Electric kWh Sales decreased 3.1% while Total Gas Therm Sales increased 13.4% in the first quarter of 2026 compared to 2025.
  • Unitil will hold a quarterly conference call on May 5, 2026, at 2:00 p.m. Eastern Time to discuss these results.