Unitil Reports Year-End Earnings

Core Viewpoint - Unitil Corporation reported strong financial performance for the year ended December 31, 2024, with increases in both GAAP Net Income and Adjusted Net Income compared to 2023, driven by higher rates and customer growth [1][2][3]. Financial Performance - GAAP Net Income for 2024 was $47.1 million, or$2.93 per share, an increase of $1.9 million or$0.11 per share from 2023 [1]. - Adjusted Net Income was $47.8 million, or$2.97 per share, reflecting an increase of $2.6 million or$0.15 per share compared to 2023 [1]. - Electric GAAP Gross Margin was $78.0 million, a slight decrease of$0.1 million from 2023, primarily due to higher depreciation and amortization expenses [2]. - Electric Adjusted Gross Margin increased to $107.3 million, up$3.2 million from 2023, driven by higher rates and customer growth [3]. - Gas GAAP Gross Margin rose to $120.1 million, an increase of$6.0 million compared to 2023, supported by higher rates and customer growth [5]. - Gas Adjusted Gross Margin was $166.9 million, reflecting a$12.4 million increase from 2023, also attributed to higher rates and customer growth [5]. Expenses and Costs - Operation and Maintenance (O&M) expenses increased by $2.0 million in 2024, mainly due to higher labor costs [6]. - Depreciation and Amortization expenses rose by$8.7 million, reflecting higher depreciation rates and additional depreciation from increased utility plant in service [6]. - Taxes Other Than Income Taxes increased by $1.4 million, driven by higher local property taxes and payroll taxes [7]. - Interest Expense, Net increased by$0.6 million, primarily due to higher interest on long-term debt [7]. Dividend Information - The annual common dividend for 2024 was $1.70 per share, with a quarterly dividend declared at$0.45 per share in January 2025, increasing the annualized dividend rate to $1.80 per share [10]. Customer Metrics - Unitil serves approximately 109,400 electric customers and, following the acquisition of Bangor Natural Gas Company, approximately 97,600 natural gas customers [13].