Unitil Corporation reported total operating revenue of $494.8 million for the fiscal year ending December 31, 2024, a decrease of 11.2% from $557.1 million in 2023. The company's net income increased to $47.1 million, or $2.93 per share, compared to $45.2 million, or $2.82 per share, in the previous year. This growth in profitability was attributed to higher rates and customer growth, despite a significant decline in electric operating revenue, which fell by 19% to $248.3 million, primarily due to lower costs of electric sales.
In terms of operational metrics, Unitil served approximately 198,500 customers across its service territories in New Hampshire, Massachusetts, and Maine as of December 31, 2024. The company’s electric distribution utilities, Unitil Energy and Fitchburg, reported a total of 109,444 electric customers, while Northern Utilities and Fitchburg provided natural gas service to 89,128 customers. The company also experienced a slight increase in customer counts, with approximately 990 new electric customers and 730 new gas customers added during the year.
Strategically, Unitil made a significant acquisition by purchasing Bangor Natural Gas Company for $70.9 million, which closed on January 31, 2025. This acquisition is expected to enhance Unitil's natural gas distribution capabilities in the region. Additionally, the company has been actively involved in regulatory proceedings, including rate adjustments and infrastructure investments, which are crucial for maintaining service quality and compliance with state regulations.
The company’s financial position remains strong, with an investment in net utility plant totaling $1.54 billion as of December 31, 2024. Unitil's total operating expenses decreased by 26.5% to $220.6 million, driven by lower costs of electric and gas sales. However, operation and maintenance expenses rose by 2.6% to $78.0 million, reflecting higher labor costs. Looking ahead, Unitil anticipates continued growth in customer demand and revenue, supported by its strategic initiatives and regulatory frameworks that allow for cost recovery and investment in infrastructure.
About UNITIL CORP
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.