Unitil Corporation Reports 20.7% Increase in Net Income for Q1 2026

Unitil Corporation reported a significant increase in its financial performance for the first quarter of 2026, with net income rising to $33.2 million, or $1.85 per share, compared to $27.5 million, or $1.69 per share, in the same period of 2025. This represents a year-over-year increase of 20.7% in net income and a 9.5% increase in earnings per share. Adjusted net income, which excludes transaction costs related to recent acquisitions, was $33.8 million, or $1.88 per share, up from $28.4 million, or $1.74 per share, in the prior year. The company's total operating revenue also saw a notable increase, reaching $216.9 million, a 27% rise from $170.8 million in the previous year.

The growth in revenue was primarily driven by higher gas and electric operating revenues, which increased by 36.9% and 8.8%, respectively. Gas operating revenue surged to $151.4 million, largely due to the inclusion of $18.3 million from Maine Natural Gas, as well as customer growth and favorable winter weather conditions. Electric operating revenue increased to $65.5 million, supported by higher distribution rates. The company reported a total of approximately 110,100 electric customers and 105,000 gas customers across its service territories in New Hampshire, Massachusetts, and Maine.

Unitil's operational metrics reflected positive trends, with the number of gas customers increasing by approximately 7,140, including 6,400 from the acquisition of Maine Natural. The company also reported a 13.4% increase in total gas therm sales, driven by colder winter weather and customer growth. However, electric kilowatt-hour sales decreased by 3.1%, attributed to a decline in commercial and industrial customer usage, particularly following the loss of a large industrial customer in Fitchburg.

Strategically, Unitil has been active in expanding its service offerings through acquisitions. The company completed the acquisitions of Bangor Natural Gas Company and Maine Natural Gas Corporation in early 2025, which contributed to its customer base and revenue growth. Additionally, Unitil is in the process of acquiring Aquarion Water Companies, which is expected to further diversify its utility portfolio. The company has also declared quarterly dividends of $0.475 per share, maintaining a consistent dividend payout record.

Looking ahead, Unitil anticipates continued growth driven by its strategic acquisitions and operational efficiencies. The company is actively pursuing regulatory approvals for rate increases in its service areas, which could further enhance its revenue streams. However, it remains cautious of potential risks, including regulatory changes, market conditions, and operational challenges that could impact its financial performance in the future.