Unitil Corp. Files 2024 Annual Report

TL;DR

Unitil Corp. filed its 2024 10-K. All good.

AI Summary

Unitil Corp. filed its 10-K for the fiscal year ending December 31, 2024, reporting on its operations as an electric and other services provider. The company, incorporated in New Hampshire, is headquartered in Hampton, NH. The filing covers the period from January 1, 2024, to December 31, 2024, and includes financial data and operational details for the company and its subsidiaries, such as Fitchburg Gas and Electric Light Company and Northern Utilities Inc.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Unitil Corp.'s financial performance and operational status for the past fiscal year, crucial for understanding the company's stability and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report (10-K) and does not indicate any immediate or unusual risks.

Key Players & Entities

• Unitil Corp. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-10 (date) — Filing date
• Hampton, NH (location) — Company headquarters
• Fitchburg Gas and Electric Light Company (company) — Subsidiary
• Northern Utilities Inc. (company) — Subsidiary

FAQ

Key Financial Figures

• $1,539.6 million — d an investment in Net Utility Plant of $1,539.6 million at December 31, 2024. The Company's tot
• $494.8 million — e Company's total operating revenue was $494.8 million in 2024. Unitil's operating revenue is
• $248.3 million — nitil's electric utility operations was $248.3 million in 2024, which represents about 50% of
• $78.0 million — efined below) Electric Gross Margin was $78.0 million in 2024. The Company's Electric Adjuste
• $107.3 million — rgin (a non-GAAP financial measure) was $107.3 million in 2024, or 39% of Unitil's total Adjus
• $164.7 m — y's 2024 electric operating revenue was $164.7 million, of which approximately 57% was d
• $83.6 m — g's 2024 electric operating revenue was $83.6 million, of which approximately 58% was d
• $246.5 million — evenue from Unitil's gas operations was $246.5 million in 2024, which represents about 50% of
• $120.1 million — The Company's GAAP Gas Gross Margin was $120.1 million in 2024. The Company's Gas Adjusted Gro
• $166.9 million — rgin (a non-GAAP financial measure) was $166.9 million in 2024, or 61% of Unitil's total Adjus
• $188.7 m — ilities' 2024 gas operating revenue was $188.7 million, of which approximately 38% was d
• $48.0 m — chburg's 2024 gas operating revenue was $48.0 million, of which approximately 57% was d
• $9.8 million — Granite State had operating revenue of $9.8 million in 2024. Granite State derives its reve

Filing Documents

• utl-20241231.htm (10-K) — 5232KB
• utl-ex10_23.htm (EX-10.23) — 30KB
• utl-ex19_2.htm (EX-19.2) — 89KB
• utl-ex21_1.htm (EX-21.1) — 4KB
• utl-ex23_1.htm (EX-23.1) — 7KB
• utl-ex31_1.htm (EX-31.1) — 16KB
• utl-ex31_2.htm (EX-31.2) — 16KB
• utl-ex31_3.htm (EX-31.3) — 16KB
• utl-ex32_1.htm (EX-32.1) — 29KB
• utl-ex99_1.htm (EX-99.1) — 361KB
• img121274776_0.jpg (GRAPHIC) — 5KB
• img138359329_0.jpg (GRAPHIC) — 5KB
• img138464607_0.gif (GRAPHIC) — 23KB
• 0000950170-25-017154.txt ( ) — 23933KB
• utl-20241231.xsd (EX-101.SCH) — 2283KB
• utl-20241231_htm.xml (XML) — 6157KB

Business

Business 3 Unitil Corporation 3 Operations 4 Rates and Regulation 6 Employees 6 Available Information 7 Investor Information 7 1A.

Risk Factors

Risk Factors 8 1B. Unresolved Staff Comments 14 1C. Cybersecurity 15 2.

Properties

Properties 17 3.

Legal Proceedings

Legal Proceedings 18 4. Mine Safety Disclosures 18 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 6. Reserved 21 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 22 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 84 9A.

Controls and Procedures

Controls and Procedures 84 9B. Other Information 84 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III 10. Directors, Executive Officers and Corporate Governance 85 11.

Executive Compensation

Executive Compensation 85 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 13. Certain Relationships and Related Transactions, and Director Independence 85 14. Principal Accountant Fees and Services 85 PART IV 15. Exhibits and Financial Statement Schedules 86

Signatures

Signatures 95 In this Annual Report on Form 10-K, the "Company", "Unitil", "we", "us", "our" and similar terms refer to Unitil Corporation and its subsidiaries, unless the context requires otherwise. CAUTIONARY STATEMENT This report and the documents incorporated by reference into this report contain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included or incorporated by reference into this report, including, without limitation, statements regarding the financial position, business strategy and other plans and objectives for the future operations of the Company (as such term is defined in Part I, Item I (Business)), are forward-looking statements. These statements include declarations regarding the Company's beliefs and current expectations. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms or other comparable terminology. These forward-looking statements are subject to inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include those described in Part I, Item 1A (Risk Factors) and the following: numerous hazards and operating risks relating to the Company's electric and natural gas distribution activities, which could result in accidents and other operating risks and costs; fluctuations in the supply of, demand for, and the prices of, electric and gas energy commodities and transmission and tra

Business

Item 1. Business UNITIL CORPORATION In this Annual Report on Form 10-K, the "Company", "Unitil", "we", and "our" refer to Unitil Corporation and its subsidiaries, unless the context requires otherwise. Unitil is a public utility holding company incorporated under the laws of the State of New Hampshire in 1984. The following companies are wholly-owned subsidiaries of Unitil: Company Name Organization Principal Business Unitil Energy Systems, Inc. (Unitil Energy) NH - 1901 Electric Distribution Utility Fitchburg Gas and Electric Light Company (Fitchburg) MA - 1852 Electric & Natural Gas Distribution Utility Northern Utilities, Inc. (Northern Utilities) NH - 1979 Natural Gas Distribution Utility Granite State Gas Transmission, Inc. (Granite State) NH - 1955 Natural Gas Transmission Pipeline Unitil Power Corp. (Unitil Power) NH - 1984 Wholesale Electric Power Utility Unitil Service Corp. (Unitil Service) NH - 1984 Utility Service Company Unitil Realty Corp. (Unitil Realty) NH - 1986 Real Estate Management Unitil Resources, Inc. (Unitil Resources) NH - 1993 Non-regulated Energy Services Unitil and its subsidiaries are subject to regulation as a holding company system by the Federal Energy Regulatory Commission (FERC) under the Energy Policy Act of 2005. Unitil's principal business is the local distribution of electricity and natural gas to approximately 198,500 customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of three wholly-owned distribution utilities: i) Unitil Energy, which provides electric service in the southeastern seacoast and state capital regions of New Hampshire, including the capital city of Concord, ii) Fitchburg, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts, and iii) Northern Utilities, which provides natural gas service in south

View Full Filing

View this 10-K filing on SEC EDGAR