Unitil Corp. Files Q2 2024 10-Q

TL;DR

Unitil Corp. 10-Q filed: Q2 2024 financials out. Utilities sector performance detailed.

AI Summary

Unitil Corp. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first six months of the year. Key financial data and operational updates are detailed within the filing, reflecting the company's performance in the electric and gas utility sectors.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Unitil Corp., crucial for understanding the company's operational health and future prospects in the utility sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) for a publicly traded company, which is standard practice and does not inherently indicate elevated risk.

Key Players & Entities

• UNITIL CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0000755001 (company) — Central Index Key for Unitil Corp.
• NH (location) — State of incorporation and business address
• 6 LIBERTY LANE WEST (location) — Business and mailing address
• HAMPTON (location) — City of business and mailing address
• 03842 (location) — ZIP code of business and mailing address
• 6037736504 (phone_number) — Business phone number
• Senior Notes Three Point Seventy Eight Percent Due September Fifteen Twenty Forty (financial_instrument) — Specific debt instrument mentioned

FAQ

Key Financial Figures

• $1.5 billion — d an investment in Net Utility Plant of $1.5 billion at June 30, 2024. Earnings from Unitil'
• $17.8 million — 135.1 Electric GAAP Gross Margin was $17.8 million in the three months ended June 30, 2024
• $37.9 million — in 2023. Electric GAAP Gross Margin was $37.9 million in the six months ended June 30, 2024,
• $0.1 million — nths ended June 30, 2024, a decrease of $0.1 million compared to the same period in 2023. Th
• $0.7 m — cts higher rates and customer growth of $0.7 million, offset by higher depreciation an
• $0.7 million — epreciation and amortization expense of $0.7 million. The decrease in the six month period w
• $1.2 m — epreciation and amortization expense of $1.2 million, partially offset by higher rates
• $1.1 million — by higher rates and customer growth of $1.1 million. Gas GAAP Gross Margin was $20.5 mill
• $20.5 million — .1 million. Gas GAAP Gross Margin was $20.5 million in the three months ended June 30, 2024
• $70.6 million — riod in 2023. Gas GAAP Gross Margin was $70.6 million in the six months ended June 30, 2024,
• $6.3 million — ths ended June 30, 2024, an increase of $6.3 million compared to the same period in 2023. Th
• $1.6 m — by higher rates and customer growth of $1.6 million, and the favorable effect on gas
• $0.4 million — nd the favorable effect on gas sales of $0.4 million from colder early spring weather in 202
• $0.9 million — higher depreciation and amortization of $0.9 million. The increase in the six month period w
• $8.1 m — by higher rates and customer growth of $8.1 million, partially offset by higher depre

Filing Documents

• utl-20240630.htm (10-Q) — 2721KB
• utl-ex31_1.htm (EX-31.1) — 15KB
• 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) — 399KB
• img121274776_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-091194.txt ( ) — 13606KB
• utl-20240630.xsd (EX-101.SCH) — 1678KB
• utl-20240630_htm.xml (XML) — 3130KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements—Unaudited

Financial Statements—Unaudited Consolidated Statements of Earnings—Three and Six Months Ended June 30, 2024 and 2023 13 Consolidated Balance Sheets, June 30, 2024, June 30, 2023 and December 31, 2023 14 - 15 Consolidated Statements of Cash Flows—Six Months Ended June 30, 2024 and 2023 16 4 Consolidated Statements of Changes in Common Stock Equity – Three and Six Months Ended June 30, 2024 and 202 3 17

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 18 - 40 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 - 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 - 42 Item 3. Defaults Upon Senior Securities Inapplicable Item 4. Mine Safety Disclosures Inapplicable Item 5. Other Information 42 Item 6. Exhibits 42 - 43

Signatures

Signatures 44 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

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