Unitil Corp Files Q1 2024 10-Q Report

TL;DR

<b>Unitil Corp has submitted its Q1 2024 10-Q filing, detailing financial performance and operational status.</b>

AI Summary

UNITIL CORP (UTL) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Unitil Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Unitil Corp is incorporated in New Hampshire. The company operates in the Electric & Other Services Combined industry (SIC 4931).

Why It Matters

For investors and stakeholders tracking UNITIL CORP, this filing contains several important signals. This filing provides investors and analysts with the latest financial data for Unitil Corp, crucial for evaluating its performance and making investment decisions. Understanding the company's financial health and operational updates in this report is key to assessing its future prospects in the utility sector.

Risk Assessment

Risk Level: low — UNITIL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events based on the provided metadata.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Unitil Corp's Q1 2024 performance and outlook.

Key Numbers

• 20240331 — CONFORMED PERIOD OF REPORT (10-Q filing for the period ending March 31, 2024)
• 20240507 — FILED AS OF DATE (Date the 10-Q was filed)
• 0000950170-24-053926 — ACCESSION NUMBER (Unique identifier for the filing)
• 2023-01-01 — Start Date of Comparative Period (Q1 2023 period)
• 2023-03-31 — End Date of Comparative Period (Q1 2023 period)

Key Players & Entities

• UNITIL CORP (company) — FILER
• 0000755001 (company) — CENTRAL INDEX KEY
• 4931 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• NH (company) — STATE OF INCORPORATION
• 1231 (company) — FISCAL YEAR END
• 6 LIBERTY LANE WEST (company) — BUSINESS ADDRESS STREET 1
• HAMPTON (company) — BUSINESS ADDRESS CITY
• 03842 (company) — BUSINESS ADDRESS ZIP

FAQ

Industry Context

Unitil Corp operates as a public utility company, providing essential energy services like electricity and natural gas. The industry is heavily regulated and capital-intensive.

Regulatory Implications

As a utility, Unitil Corp is subject to extensive regulation by state and federal agencies concerning rates, service quality, and environmental standards.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to Q1 2023.
2. Examine any disclosed changes in debt levels or equity structure.
3. Review management's discussion on operational performance and future outlook.

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the first quarter for the 10-Q filing.
• 2024-05-07: Filing Date — Date Unitil Corp submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the most recent financial snapshot compared to previous periods.

Key Financial Figures

• $1,429.8 million — d an investment in Net Utility Plant of $1,429.8 million at March 31, 2024. Earnings from Unitil
• $20.1 million — 81.6 Electric GAAP Gross Margin was $20.1 million in the three months ended March 31, 202
• $0.2 million — ths ended March 31, 2024, a decrease of $0.2 million compared to the same period in 2023. Th
• $0.6 m — epreciation and amortization expense of $0.6 million, partially offset by higher rates
• $0.4 million — by higher rates and customer growth of $0.4 million. Gas GAAP Gross Margin was $50.2 mill
• $50.2 million — .4 million. Gas GAAP Gross Margin was $50.2 million in the three months ended March 31, 202
• $5.4 million — hs ended March 31, 2024, an increase of $5.4 million compared to the same period in 2023. Th
• $6.5 m — by higher rates and customer growth of $6.5 million, partially offset by the unfavora
• $0.7 million — higher depreciation and amortization of $0.7 million. Earnings Overview The Company's Ne
• $27.2 m — Overview The Company's Net Income was $27.2 million, or $1.69 in Earnings Per Share (
• $1.69 — pany's Net Income was $27.2 million, or $1.69 in Earnings Per Share (EPS) for the fir
• $3.1 million — e first quarter of 2024, an increase of $3.1 million in Net Income, or $0.18 in EPS, compare
• $0.18 — rease of $3.1 million in Net Income, or $0.18 in EPS, compared to the first quarter o
• $27.1 million — rgin (a non-GAAP financial measure) was $27.1 million in the first quarter of 2024, an increa
• $61.0 million — rgin (a non-GAAP financial measure) was $61.0 million in the first quarter of 2024, an increa

Filing Documents

• utl-20240331.htm (10-Q) — 2208KB
• utl-ex10_1.htm (EX-10.1) — 93KB
• utl-ex31_1.htm (EX-31.1) — 14KB
• utl-ex31_2.htm (EX-31.2) — 14KB
• utl-ex31_3.htm (EX-31.3) — 14KB
• utl-ex32_1.htm (EX-32.1) — 25KB
• utl-ex99_1.htm (EX-99.1) — 176KB
• img121274776_0.jpg (GRAPHIC) — 25KB
• 0000950170-24-053926.txt (&nbsp;) — 11814KB
• utl-20240331.xsd (EX-101.SCH) — 1686KB
• utl-20240331_htm.xml (XML) — 2544KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements—Unaudited

Financial Statements—Unaudited Consolidated Statements of Earnings—Three Months Ended March 31, 2024 and 2023 12 4 Consolidated Balance Sheets, March 31, 2024, March 31, 2023 and December 31, 2023 13 - 14 Consolidated Statements of Cash Flows—Three Months Ended March 31, 2024 and 202 3 15 Consolidated Statements of Changes in Common Stock Equity – Three Months Ended March 31, 2024 and 2023 16

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 17 - 37 Item 2.

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

Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations 3 - 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 - 40 Item 3. Defaults Upon Senior Securities Inapplicable Item 4. Mine Safety Disclosures Inapplicable Item 5. Other Information 40 Item 6. Exhibits 40 - 41

Signatures

Signatures 42 Cauti onary Statement This report and the documents incorporated by reference into this report contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), 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 Company's future operations, 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 II, 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 transportation capacity and the Company's ability to recover energy supply costs in its rates; catastrophic events; cyber-attacks, acts of terrorism, acts of war, severe weather, a solar event, an electromagnetic event, a natural

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

Man agement's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Man agement's Discussion and Analysis of Financial Condition and Results of Operations See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Unitil Corporation's 2023 Annual Report on Form 10-K for additional information. OVERVIEW Unitil Corporation (Unitil or the Company) is a public utility holding company headquartered in Hampton, New Hampshire. 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 gas throughout its service territory in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of three wholly-owned distribution utilities: i) Unitil Energy Systems, Inc. (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 Gas and Electric Light Company (Fitchburg), which provides both electric and gas service in the greater Fitchburg area of north central Massachusetts; and iii) Northern Utilities, Inc. (Northern Utilities), which provides gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland, which is the largest city in northern New England. Unitil Energy, Fitchburg and Northern Utilities are collectively referred to as the "distribution utilities." Together, the distribution utilities serve approximately 108,500 electric customers and 88,400 gas customers. In addition, Unitil is the parent company of Granite State Gas Transmission, Inc. (Granite State), an interstate gas transmission pipeline company, operating 85 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to major gas pipelines and a

View Full Filing

View this 10-Q filing on SEC EDGAR