Unitil Corp - UTL STOCK NEWS

Unitil (NYSE: UTL) has announced a definitive agreement to acquire Maine Natural Gas Company from Avangrid Enterprises for $86.0 million on a debt-free basis. The transaction, expected to close by end of 2025, is subject to Maine Public Utilities Commission approval.

Maine Natural serves approximately 6,300 residential and commercial customers across nine communities in Greater Portland and Augusta, with 230 miles of distribution mains. The company has an estimated rate base of $69.0 million as of December 31, 2024, and achieved 4.4% annual customer growth over the past five years.

This acquisition, combined with Unitil's recent Bangor Natural Gas Company purchase, will expand their service coverage to over 40% of Maine's total population. The transaction is expected to support Unitil's long-term earnings per share growth of 5% to 7%. Scotiabank is providing committed debt financing and advisory services for the purchase.

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) has completed the acquisition of Bangor Natural Gas Company from PHC Utilities, Inc. for $70.9 million, plus approximately $0.3 million for estimated working capital. The acquisition, first announced on July 8, 2024, has received all necessary approvals from the Maine Public Utilities Commission.

Bangor Natural Gas Company, operational since 1998, adds approximately 8,500 customers, 351 miles of distribution pipelines, and nine miles of transmission pipelines to Unitil's system. With this acquisition, Unitil now serves approximately 207,000 customers across Maine, New Hampshire, and Massachusetts, comprising 109,400 electric customers and 97,600 natural gas customers.

Unitil (NYSE:UTL) has announced an increase in its quarterly dividend on common stock to $0.45 per share, representing a $0.025 per share increase. This action raises the company's annualized dividend by $0.10 to $1.80 per share.

The Board declared the first quarter common stock dividend of $0.45 per share, payable on February 28, 2025, to shareholders of record on February 13, 2025. Unitil operates as a public utility holding company in Maine, New Hampshire, and Massachusetts, serving approximately 109,400 electric customers and 89,100 natural gas customers.

Unitil (NYSE: UTL) has announced it will release its fourth quarter 2024 earnings report after market close on February 10, 2025. The company will host a conference call and webcast to discuss the results on February 11, 2025 at 10:00 a.m. ET.

Presentation materials will be available before the call on the company's Investors page. The conference call will be broadcast live in listen-only mode, with dial-in information available through registration. An archive of the webcast will be accessible for one year on the company's investor website.

Unitil serves approximately 109,400 electric customers and 89,100 natural gas customers across Maine, New Hampshire, and Massachusetts, providing energy services through its operating utilities.

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) has elected Jane Lewis-Raymond to its Board of Directors as part of normal succession planning ahead of upcoming retirements of directors reaching the mandatory retirement age of 75. Lewis-Raymond, currently principal of Hilltop Strategies, brings extensive experience as a natural gas utility executive with expertise in corporate governance, cybersecurity, and ESG programs. Her background includes roles as senior VP at Piedmont Natural Gas Company and VP of regulatory affairs at American Gas Association. She will stand for election by shareholders at the April 2025 annual meeting.

Unitil (NYSE:UTL) has declared its regular quarterly dividend of $0.425 per share, payable on November 29, 2024, to shareholders of record as of November 14, 2024. This quarterly payout establishes an effective annualized dividend rate of $1.70 per share. Unitil, a public utility holding company operating in Maine, New Hampshire and Massachusetts, serves approximately 108,500 electric customers and 88,400 natural gas customers across New England.

Unitil (NYSE:UTL) has released its 2024 Corporate Sustainability and Responsibility Report, showcasing the company's 2023 achievements and ongoing 2024 initiatives. The report focuses on five key areas: carbon reduction and environmental stewardship, operational safety and reliability, employee development and safety, advancement of diversity, equity and inclusion, and customer satisfaction and engagement.

The web-based, interactive report aligns with SASB reporting standards and includes industry-specific metrics following American Gas Association and Edison Electric Institute templates. Unitil serves approximately 108,500 electric customers and 88,400 natural gas customers across Maine, New Hampshire, and Massachusetts, demonstrating its commitment to providing dependable and efficient energy services while supporting community development.