Unitil Corporation Reports Strong Q2 2026 Financial Performance with Increased Revenues and Net Income

Unitil Corporation reported a solid financial performance for the second quarter of 2026, with net income reaching $4.7 million, or $0.26 per share, compared to $4.0 million, or $0.25 per share, in the same period last year. For the first half of 2026, net income was $37.9 million, or $2.11 per share, an increase from $31.5 million, or $1.94 per share, in the first half of 2025. The company's adjusted net income, which excludes transaction costs related to recent acquisitions, was $5.2 million for the second quarter and $39.0 million for the first half, reflecting increases of 10.6% and 17.8%, respectively, compared to the prior year.

Unitil's total operating revenues for the second quarter of 2026 were $117.0 million, up from $102.6 million in the same quarter of 2025, driven by higher electric and gas operating revenues. Electric operating revenue increased by 21.0% to $61.7 million, while gas operating revenue rose by 7.2% to $55.3 million. The growth in revenues was attributed to higher distribution rates and customer growth, with the number of electric customers increasing by approximately 510 and gas customers by about 6,600, including 6,400 from the acquisition of Maine Natural Gas.

The company has made significant strategic moves, including the acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Co., which closed on June 30, 2026. This acquisition expanded Unitil's water service to approximately 10,700 customers across eight communities in New Hampshire. Additionally, Unitil's ongoing investments in utility infrastructure and customer service enhancements are expected to support future growth. The company reported a total investment in net utility plant of $1.9 billion as of June 30, 2026.

Operationally, Unitil's electric and gas adjusted gross margins also showed improvement, with electric adjusted gross margin increasing to $31.6 million for the second quarter, up from $25.8 million in the prior year, and gas adjusted gross margin rising to $40.6 million from $37.2 million. The increases were primarily driven by higher rates and customer growth, although higher depreciation and amortization expenses partially offset these gains. The company’s operation and maintenance expenses increased due to higher utility operating costs and labor expenses, reflecting the ongoing investments in service quality and reliability.

Looking ahead, Unitil remains optimistic about its growth trajectory, supported by its recent acquisitions and ongoing regulatory initiatives. The company anticipates continued revenue growth driven by customer expansion and infrastructure investments, while also navigating regulatory challenges and market conditions. The Board of Directors has declared quarterly dividends of $0.475 per share, maintaining a consistent dividend payout, which reflects the company's commitment to returning value to shareholders.