Unitil Corporation Reports Q2 2025 Financial Results with $4.0 Million Net Income

Unitil Corporation reported its financial results for the second quarter and first half of 2025, revealing a net income of $4.0 million, or $0.25 per share, for the three months ended June 30, 2025. This marks a decrease from the $4.3 million, or $0.27 per share, reported in the same period of 2024. For the first six months of 2025, net income remained unchanged at $31.5 million, with earnings per share slightly declining to $1.94 from $1.96 in the prior year. Adjusted net income, which excludes transaction costs related to recent acquisitions, increased to $4.7 million, or $0.29 per share, for the second quarter, and $33.1 million, or $2.03 per share, for the first half, reflecting growth driven by higher rates and customer growth.

The company’s total operating revenue for the second quarter was $102.6 million, an increase from $95.7 million in the same quarter of 2024. This growth was primarily attributed to a significant rise in gas operating revenue, which increased by 31.3% to $51.6 million, bolstered by the acquisition of Bangor Natural Gas Company and favorable weather conditions. In contrast, electric operating revenue decreased by 9.6% to $51.0 million, largely due to a reduction in electricity sales as customers increasingly purchased power from third-party suppliers.

Unitil's operational metrics showed a customer base of approximately 109,400 electric customers and 97,600 gas customers as of June 30, 2025, with the gas customer count reflecting an addition of 8,500 customers from the Bangor acquisition. The company also reported an increase in gas therm sales, which rose by 19.1% in the second quarter compared to the previous year, driven by colder weather and customer growth. However, electric kilowatt-hour sales saw a decrease of 4.4% in the same period, indicating a shift in customer energy purchasing behavior.

Strategically, Unitil has been active in expanding its service offerings through acquisitions, including the recent purchase of Bangor Natural Gas Company for $71.4 million and plans to acquire Maine Natural Gas Company for $86 million. The company is also pursuing the acquisition of Aquarion Water Companies, with an estimated enterprise value of $100 million. These acquisitions are expected to enhance Unitil's market presence and operational capabilities in the northeastern United States. Looking ahead, the company anticipates continued growth driven by these strategic initiatives, alongside ongoing investments in infrastructure and customer service enhancements.