Unitil Corporation has recently released its 10-Q report, detailing its financial performance for the second quarter of 2024. The company, a public utility holding company, primarily engages in the distribution of electricity and natural gas, serving approximately 108,100 electric customers and 87,500 natural gas customers. Its operations span across New Hampshire, Massachusetts, and Maine, with subsidiaries including Unitil Energy Systems, Fitchburg Gas and Electric Light Company, Northern Utilities, and Granite State Gas Transmission.
The report delves into Unitil's financial condition and results of operations, providing a comprehensive overview of the company's performance. In the second quarter of 2024, Unitil reported a net income of $4.3 million, or $0.27 in earnings per share (EPS), representing an increase of $0.1 million in net income compared to the same period in 2023. For the first six months of 2024, the company's net income stood at $31.5 million, or $1.96 in EPS, reflecting an increase of $3.2 million in net income compared to the first six months of 2023.
The company's results of operations historically reflect the seasonal nature of the gas business, with annual gas revenues being substantially realized during the heating season due to higher sales of gas in cold weather. In the second quarter of 2024, Unitil's electric gross margin remained essentially unchanged compared to the same period in 2023, while its gas gross margin saw an increase of $1.1 million. For the six months ended June 30, 2024, the company reported increases in both electric and gas adjusted gross margins compared to the same period in 2023.
Unitil's report also provides insights into specific financial metrics, such as operation and maintenance expenses, depreciation and amortization expenses, taxes other than income taxes, interest expenses, and federal and state income taxes, offering a detailed breakdown of the factors impacting the company's financial performance. As a result of these announcements, the company's shares have moved -3.3% on the market, and are now trading at a price of $59.41. If you want to know more, read the company's complete 10-Q report here.
