Unitil Reports Second Quarter Earnings
Unitil Corporation (NYSE: UTL) reported Q2 2025 earnings with Net Income of $4.0 million, or $0.25 EPS, down $0.3 million from Q2 2024. The company's Adjusted Net Income was $4.7 million ($0.29 EPS), showing a $0.4 million increase year-over-year.
For the first half of 2025, Unitil achieved Net Income of $31.5 million ($1.94 EPS) and Adjusted Net Income of $33.1 million ($2.03 EPS). Key operational highlights include increased Gas GAAP Gross Margin of $23.2 million (up $2.7 million) and Electric GAAP Gross Margin of $18.0 million (up $0.2 million) in Q2 2025.
The company maintained its quarterly dividend at $0.45 per share, representing an annualized rate of $1.80 per share.
Unitil Corporation (NYSE: UTL) ha riportato i risultati del secondo trimestre 2025 con un Utile Netto di 4,0 milioni di dollari, pari a un EPS di 0,25 dollari, in calo di 0,3 milioni di dollari rispetto al secondo trimestre 2024. L'Utile Netto Rettificato della società è stato di 4,7 milioni di dollari (0,29 dollari per azione), registrando un incremento di 0,4 milioni di dollari su base annua.
Nel primo semestre del 2025, Unitil ha realizzato un Utile Netto di 31,5 milioni di dollari (1,94 dollari per azione) e un Utile Netto Rettificato di 33,1 milioni di dollari (2,03 dollari per azione). Tra i principali risultati operativi si evidenziano un aumento del Margine Lordo GAAP del Gas a 23,2 milioni di dollari (in crescita di 2,7 milioni) e del Margine Lordo GAAP dell'Elettricità a 18,0 milioni di dollari (in aumento di 0,2 milioni) nel secondo trimestre 2025.
La società ha mantenuto il dividendo trimestrale a 0,45 dollari per azione, corrispondente a un tasso annualizzato di 1,80 dollari per azione.
Unitil Corporation (NYSE: UTL) reportó sus ganancias del segundo trimestre de 2025 con un Ingreso Neto de 4,0 millones de dólares, o un EPS de 0,25 dólares, disminuyendo 0,3 millones en comparación con el segundo trimestre de 2024. El Ingreso Neto Ajustado de la compañía fue de 4,7 millones de dólares (0,29 dólares por acción), mostrando un aumento de 0,4 millones interanual.
En la primera mitad de 2025, Unitil logró un Ingreso Neto de 31,5 millones de dólares (1,94 dólares por acción) y un Ingreso Neto Ajustado de 33,1 millones de dólares (2,03 dólares por acción). Los aspectos operativos clave incluyen un aumento del Margen Bruto GAAP de Gas a 23,2 millones de dólares (subió 2,7 millones) y del Margen Bruto GAAP Eléctrico a 18,0 millones de dólares (subió 0,2 millones) en el segundo trimestre de 2025.
La compañía mantuvo su dividendo trimestral en 0,45 dólares por acción, lo que representa una tasa anualizada de 1,80 dólares por acción.
Unitil Corporation (NYSE: UTL)는 2025년 2분기 실적을 발표하며 순이익이 400만 달러, 주당순이익(EPS) 0.25달러로 2024년 2분기 대비 30만 달러 감소했다고 밝혔습니다. 회사의 조정 순이익은 470만 달러(주당 0.29달러)로 전년 대비 40만 달러 증가했습니다.
2025년 상반기 동안 Unitil은 순이익 3,150만 달러(주당 1.94달러)와 조정 순이익 3,310만 달러(주당 2.03달러)를 기록했습니다. 주요 운영 성과로는 2025년 2분기 가스 GAAP 총이익이 2,320만 달러(270만 달러 증가), 전기 GAAP 총이익이 1,800만 달러(20만 달러 증가)를 달성한 점이 포함됩니다.
회사는 분기 배당금을 주당 0.45달러로 유지했으며, 이는 연간 기준으로 주당 1.80달러에 해당합니다.
Unitil Corporation (NYSE : UTL) a annoncé ses résultats du deuxième trimestre 2025 avec un bénéfice net de 4,0 millions de dollars, soit un BPA de 0,25 dollar, en baisse de 0,3 million par rapport au deuxième trimestre 2024. Le bénéfice net ajusté de la société s’est élevé à 4,7 millions de dollars (0,29 dollar par action), affichant une hausse de 0,4 million d’une année sur l’autre.
Pour le premier semestre 2025, Unitil a réalisé un bénéfice net de 31,5 millions de dollars (1,94 dollar par action) et un bénéfice net ajusté de 33,1 millions de dollars (2,03 dollars par action). Les points forts opérationnels incluent une marge brute GAAP gaz en hausse à 23,2 millions de dollars (+2,7 millions) et une marge brute GAAP électricité à 18,0 millions de dollars (+0,2 million) au deuxième trimestre 2025.
La société a maintenu son dividende trimestriel à 0,45 dollar par action, ce qui représente un taux annualisé de 1,80 dollar par action.
Unitil Corporation (NYSE: UTL) meldete für das zweite Quartal 2025 einen Nettogewinn von 4,0 Millionen US-Dollar bzw. 0,25 US-Dollar Gewinn je Aktie (EPS), was einem Rückgang von 0,3 Millionen US-Dollar gegenüber dem zweiten Quartal 2024 entspricht. Der bereinigte Nettogewinn des Unternehmens lag bei 4,7 Millionen US-Dollar (0,29 US-Dollar EPS), was einem Anstieg von 0,4 Millionen US-Dollar im Jahresvergleich entspricht.
Für das erste Halbjahr 2025 erzielte Unitil einen Nettogewinn von 31,5 Millionen US-Dollar (1,94 US-Dollar EPS) und einen bereinigten Nettogewinn von 33,1 Millionen US-Dollar (2,03 US-Dollar EPS). Wichtige operative Highlights sind ein gestiegener Gas-GAAP-Bruttomarge von 23,2 Millionen US-Dollar (plus 2,7 Millionen) und eine Elektrizitäts-GAAP-Bruttomarge von 18,0 Millionen US-Dollar (plus 0,2 Millionen) im zweiten Quartal 2025.
Das Unternehmen behielt seine vierteljährliche Dividende bei 0,45 US-Dollar pro Aktie bei, was einer annualisierten Rate von 1,80 US-Dollar pro Aktie entspricht.
- Gas GAAP Gross Margin increased by $2.7 million in Q2 2025
- Adjusted Net Income grew by $0.4 million in Q2 2025
- Gas Adjusted Gross Margin rose by $5.9 million in Q2 2025
- Maintained consistent quarterly dividend payments
- Higher rates and customer growth contributed $5.9 million to gas segment
- Net Income decreased by $0.3 million year-over-year in Q2 2025
- Operation and Maintenance expenses increased by $2.7 million
- Interest Expense increased by $1.9 million
- Higher depreciation and amortization costs of $3.7 million
- Transaction-related costs impacted earnings
Insights
Unitil's Q2 2025 results show modest adjusted growth with slight GAAP declines; acquisition integration driving both revenue gains and higher costs.
Unitil reported Q2 2025 GAAP net income of
The company's year-to-date performance shows flat GAAP net income at
Notably, the acquisition of Bangor Natural Gas contributed
However, these gains were partially offset by significant increases in operating expenses, including:
- O&M expenses up
$2.7 million (~12% ) in Q2 - Depreciation and amortization expenses up
$3.7 million (~20% ) - Interest expenses increased
$1.9 million
The company maintained its quarterly dividend at
The financial results reveal a classic utility growth strategy: expanding the rate base through acquisitions and capital investments, then recovering these costs through regulatory channels. While near-term earnings show modest growth, the expanded customer base (now serving approximately 109,400 electric and 97,600 gas customers) provides a foundation for more substantial long-term returns as acquisition-related costs normalize.
HAMPTON, N.H., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced Net Income of
“Unitil once again delivered strong financial results reflecting our focus on operational excellence and strong customer service,” said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “We continue to execute on all elements of our long-term strategy, even as we capitalize on opportunistic utility acquisitions. Our regulatory initiatives, financial discipline, and best-in-class customer service will continue to drive long-term sustainable value for all stakeholders.”
Electric GAAP Gross Margin was
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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. The Supplemental Information also includes a discussion of the changes in the most comparable GAAP financial measures for the periods presented.
________________________
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 (O&M) expenses increased
Depreciation and Amortization expense increased
Taxes Other Than Income Taxes decreased
Other Expense (Income), Net decreased
Interest Expense, Net increased
Provision for Income Taxes increased
At its January 2025, May 2025 and July 2025 meetings, the Unitil Corporation Board of Directors declared quarterly dividends on the Company’s common stock of
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 second quarter 2025 results on Tuesday, August 5, 2025, at 2:00 p.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 109,400 electric customers and 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 | Amanda Vicinanzo – External Affairs | |
| Phone: 603-773-6466 | Phone: 603-691-7784 | |
| Email: gouldingc@unitil.com | Email: vicinanzoa@unitil.com |
Supplemental Information; Non-GAAP Financial Measures
The Company's earnings discussion includes Adjusted Net Income, a non-GAAP financial measure referencing the Company’s 2025 GAAP Net Income adjusted for certain transaction costs related to the Company's acquisition of Bangor, which it disclosed previously in 2024, and the Company's acquisitions of Maine Natural and the Aquarion Companies. The Company's management believes that the transaction costs related to the acquisitions of Bangor, Maine Natural, and the Aquarion Companies, 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 are 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 June 30, 2025 | Three Months Ended June 30, 2024 | |||||||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||||||
| GAAP Net Income | $ | 4.0 | $ | 0.25 | $ | 4.3 | $ | 0.27 | ||||||||
| Transaction Costs | 0.7 | 0.04 | — | — | ||||||||||||
| Adjusted Net Income | $ | 4.7 | $ | 0.29 | $ | 4.3 | $ | 0.27 | ||||||||
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |||||||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||||||
| GAAP Net Income | $ | 31.5 | $ | 1.94 | $ | 31.5 | $ | 1.96 | ||||||||
| Transaction Costs | 1.6 | 0.09 | — | — | ||||||||||||
| Adjusted Net Income | $ | 33.1 | $ | 2.03 | $ | 31.5 | $ | 1.96 | ||||||||
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 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 June 30, 2025 (millions) | ||||||||||||||||
| Electric | Gas | Other | Total | |||||||||||||
| Total Operating Revenue | $ | 51.0 | $ | 51.6 | $ | — | $ | 102.6 | ||||||||
| Less: Cost of Sales | (25.2 | ) | (14.4 | ) | — | (39.6 | ) | |||||||||
| Less: Depreciation and Amortization | (7.8 | ) | (14.0 | ) | — | (21.8 | ) | |||||||||
| GAAP Gross Margin | 18.0 | 23.2 | — | 41.2 | ||||||||||||
| Depreciation and Amortization | 7.8 | 14.0 | — | 21.8 | ||||||||||||
| Adjusted Gross Margin | $ | 25.8 | $ | 37.2 | $ | — | $ | 63.0 | ||||||||
| Three Months Ended June 30, 2024 (millions) | ||||||||||||||||
| Electric | Gas | Other | Total | |||||||||||||
| Total Operating Revenue | $ | 56.4 | $ | 39.3 | $ | — | $ | 95.7 | ||||||||
| Less: Cost of Sales | (31.5 | ) | (8.0 | ) | — | (39.5 | ) | |||||||||
| Less: Depreciation and Amortization | (7.1 | ) | (10.8 | ) | (0.2 | ) | (18.1 | ) | ||||||||
| GAAP Gross Margin | 17.8 | 20.5 | (0.2 | ) | 38.1 | |||||||||||
| Depreciation and Amortization | 7.1 | 10.8 | 0.2 | 18.1 | ||||||||||||
| Adjusted Gross Margin | $ | 24.9 | $ | 31.3 | $ | — | $ | 56.2 | ||||||||
| Six Months Ended June 30, 2025 (millions) | ||||||||||||||||
| Electric | Gas | Other | Total | |||||||||||||
| Total Operating Revenue | $ | 111.2 | $ | 162.2 | $ | — | $ | 273.4 | ||||||||
| Less: Cost of Sales | (57.9 | ) | (54.1 | ) | — | (112.0 | ) | |||||||||
| Less: Depreciation and Amortization | (15.7 | ) | (27.8 | ) | — | (43.5 | ) | |||||||||
| GAAP Gross Margin | 37.6 | 80.3 | — | 117.9 | ||||||||||||
| Depreciation and Amortization | 15.7 | 27.8 | — | 43.5 | ||||||||||||
| Adjusted Gross Margin | $ | 53.3 | $ | 108.1 | $ | — | $ | 161.4 | ||||||||
| Six Months Ended June 30, 2024 (millions) | ||||||||||||||||
| Electric | Gas | Other | Total | |||||||||||||
| Total Operating Revenue | $ | 130.0 | $ | 144.4 | $ | — | $ | 274.4 | ||||||||
| Less: Cost of Sales | (78.0 | ) | (52.1 | ) | — | (130.1 | ) | |||||||||
| Less: Depreciation and Amortization | (14.1 | ) | (21.7 | ) | (0.3 | ) | (36.1 | ) | ||||||||
| GAAP Gross Margin | 37.9 | 70.6 | (0.3 | ) | 108.2 | |||||||||||
| Depreciation and Amortization | 14.1 | 21.7 | 0.3 | 36.1 | ||||||||||||
| Adjusted Gross Margin | $ | 52.0 | $ | 92.3 | $ | — | $ | 144.3 | ||||||||
Selected financial data for 2025 and 2024 is presented in the following table:
| Unitil Corporation - Condensed Consolidated Financial Data | ||||||||||||||||||||||||
| (Millions, except Per Share data) (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||||
| Electric kWh Sales: | ||||||||||||||||||||||||
| Residential | 138.9 | 140.8 | -1.3 | % | 338.7 | 320.7 | 5.6 | % | ||||||||||||||||
| Commercial/Industrial | 207.7 | 221.8 | -6.4 | % | 446.1 | 451.8 | -1.3 | % | ||||||||||||||||
| Total Electric kWh Sales | 346.6 | 362.6 | -4.4 | % | 784.8 | 772.5 | 1.6 | % | ||||||||||||||||
| Gas Therm Sales: | ||||||||||||||||||||||||
| Residential | 10.4 | 8.6 | 20.9 | % | 38.7 | 29.8 | 29.9 | % | ||||||||||||||||
| Commercial/Industrial | 45.0 | 37.9 | 18.7 | % | 129.8 | 106.4 | 22.0 | % | ||||||||||||||||
| Total Gas Therm Sales | 55.4 | 46.5 | 19.1 | % | 168.5 | 136.2 | 23.7 | % | ||||||||||||||||
| Electric Revenues | $ | 51.0 | $ | 56.4 | $ | (5.4 | ) | $ | 111.2 | $ | 130.0 | $ | (18.8 | ) | ||||||||||
| Cost of Electric Sales | 25.2 | 31.5 | (6.3 | ) | 57.9 | 78.0 | (20.1 | ) | ||||||||||||||||
| Electric Adjusted Gross Margin | ||||||||||||||||||||||||
| (a non-GAAP financial measure1): | 25.8 | 24.9 | 0.9 | 53.3 | 52.0 | 1.3 | ||||||||||||||||||
| Gas Revenues | 51.6 | 39.3 | 12.3 | 162.2 | 144.4 | 17.8 | ||||||||||||||||||
| Cost of Gas Sales | 14.4 | 8.0 | 6.4 | 54.1 | 52.1 | 2.0 | ||||||||||||||||||
| Gas Adjusted Gross Margin | ||||||||||||||||||||||||
| (a non-GAAP financial measure1): | 37.2 | 31.3 | 5.9 | 108.1 | 92.3 | 15.8 | ||||||||||||||||||
| Total Adjusted Gross Margin: | ||||||||||||||||||||||||
| (a non-GAAP financial measure1): | 63.0 | 56.2 | 6.8 | 161.4 | 144.3 | 17.1 | ||||||||||||||||||
| Operation & Maintenance Expenses | 21.3 | 18.6 | 2.7 | 43.9 | 36.8 | 7.1 | ||||||||||||||||||
| Depreciation & Amortization | 21.8 | 18.1 | 3.7 | 43.5 | 36.1 | 7.4 | ||||||||||||||||||
| Taxes Other Than Income Taxes | 6.6 | 7.1 | (0.5 | ) | 14.5 | 14.8 | (0.3 | ) | ||||||||||||||||
| Other Expense (Income), Net | (0.7 | ) | 0.1 | (0.8 | ) | (0.6 | ) | 0.4 | (1.0 | ) | ||||||||||||||
| Interest Expense, Net | 9.3 | 7.4 | 1.9 | 18.4 | 14.7 | 3.7 | ||||||||||||||||||
| Income Before Income Taxes | 4.7 | 4.9 | (0.2 | ) | 41.7 | 41.5 | 0.2 | |||||||||||||||||
| Provision for Income Taxes | 0.7 | 0.6 | 0.1 | 10.2 | 10.0 | 0.2 | ||||||||||||||||||
| Net Income | $ | 4.0 | $ | 4.3 | $ | (0.3 | ) | $ | 31.5 | $ | 31.5 | $ | — | |||||||||||
| Earnings Per Share | $ | 0.25 | $ | 0.27 | $ | (0.02 | ) | $ | 1.94 | $ | 1.96 | $ | (0.02 | ) | ||||||||||
FAQ
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