Unitil Corporation Reports Q3 2025 Net Loss of $0.3 Million, Revenue Growth of 8.5%

Unitil Corporation reported its financial results for the third quarter and the first nine months of 2025, revealing a net loss of $0.3 million, or $0.02 per share, for the quarter, compared to a net income of $0 for the same period in 2024. For the nine months ended September 30, 2025, the company recorded a net income of $31.2 million, or $1.89 per share, down from $31.5 million, or $1.96 per share, in the prior year. Adjusted net income, which excludes transaction costs related to acquisitions, was $0.4 million for the third quarter and $33.5 million for the nine months, reflecting a slight increase in earnings per share from $2.00 to $2.03.

Total operating revenues for the third quarter reached $101.1 million, a 8.5% increase from $92.9 million in the same quarter of 2024. This growth was driven by higher electric and gas operating revenues, which were $64.3 million and $36.8 million, respectively. The nine-month total operating revenues also increased to $374.5 million from $367.3 million in the previous year. The company attributed the revenue growth to higher distribution rates and an increase in customer counts, which rose to approximately 109,400 electric customers and 97,600 gas customers, including 8,500 from the recent acquisition of Bangor Natural Gas Company.

Unitil's operational expenses increased, with operation and maintenance (O&M) expenses rising by $1.6 million and $8.7 million for the three and nine months ended September 30, 2025, respectively. The increase was primarily due to higher utility operating costs and acquisition transaction costs. Additionally, depreciation and amortization expenses increased by $3.1 million and $10.5 million in the same periods, reflecting higher depreciation rates from recent base rate cases and additional depreciation associated with increased utility plant in service.

Strategically, Unitil completed the acquisition of Maine Natural Gas Company on October 31, 2025, expanding its service territory and customer base. The company also announced plans to acquire Aquarion Water Company, pending regulatory approval. As of September 30, 2025, Unitil had 575 employees, maintaining a stable workforce while focusing on attracting and retaining talent. The company continues to emphasize its commitment to sustainability and regulatory compliance, navigating the evolving energy landscape while managing operational risks associated with climate change and regulatory changes.

Looking ahead, Unitil anticipates continued growth driven by customer expansion and strategic acquisitions. The company is focused on enhancing its service offerings and operational efficiency while navigating regulatory challenges and market conditions. The management remains optimistic about the future, emphasizing the importance of maintaining a strong financial position to support ongoing investments in infrastructure and customer service.