Unitil (UTL) Q4 2024 earnings summary

Executive summary

• Reported adjusted net income of $47.8 million ($2.97 per share) for 2024, up $2.6 million ($0.15 per share) year-over-year, with consolidated ROE of 9.4% and strong regulatory outcomes and cost management.

• Completed the $70.9 million acquisition of Bangor Natural Gas, expanding the customer base and expected to be earnings accretive long-term.

• Achieved 90% customer satisfaction and top-tier electric reliability, with significant progress in gas infrastructure modernization and safety.

Financial highlights

• Adjusted EPS grew 5.3% year-over-year, with adjusted net income up $2.6 million and EPS up $0.15, driven by higher distribution rates and customer growth.

• Electric adjusted gross margin rose to $107.3 million (+$3.2 million), and gas adjusted gross margin to $166.9 million (+$12.4 million) year-over-year.

• Operations and maintenance expenses increased by $2.0 million, below inflation, with $1 million in acquisition-related costs excluded from adjusted results.

• Depreciation and amortization rose $8.7 million due to higher rates and plant investments.

• Annual dividend increased to $1.80 per share for 2025, a 5.9% rise, maintaining an unbroken record of quarterly payments.

Outlook and guidance

• 2025 adjusted EPS guidance set at $3.01–$3.17, assuming normal weather and continued customer growth.

• Reaffirmed long-term EPS growth target of 5%–7%, with 7.1% growth achieved from 2022–2024.

• Five-year capital investment plan through 2029 totals $980 million, up 46% from the prior period, supporting 6.5%–8.5% rate base growth.