Unitil Corp. Files Q3 2024 10-Q

TL;DR

Unitil Corp Q3 10-Q filed. Financials and operations updated.

AI Summary

Unitil Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the electric and other services sector. Key financial instruments mentioned include First Mortgage Bonds and Senior Unsecured Notes.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Unitil Corp., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Players & Entities

• UNITIL CORP (company) — Filer
• 0000755001 (company) — Central Index Key
• NH (location) — State of Incorporation
• 6 LIBERTY LANE WEST (location) — Business Address
• HAMPTON (location) — Business City
• 03842 (location) — Business Zip Code
• 6037736504 (phone_number) — Business Phone
• Unitil Energy Systems Inc (company) — Subsidiary
• First Mortgage Bonds Six Point Nine Six Percent Senior Secured Notes Due September One Twenty Twenty Eight (financial_instrument) — Debt Instrument
• Benefit Plan Costs (financial_item) — Expense Category

FAQ

Key Financial Figures

• $1.5 billion — d an investment in Net Utility Plant of $1.5 billion at September 30, 2024. Earnings from Un
• $22.3 million — 186.5 Electric GAAP Gross Margin was $22.3 million in the three months ended September 30,
• $0.3 million — ended September 30, 2024, a decrease of $0.3 million compared to the same period in 2023. El
• $60.2 million — in 2023. Electric GAAP Gross Margin was $60.2 million in the nine months ended September 30,
• $0.4 million — ended September 30, 2024, a decrease of $0.4 million compared to the same period in 2023. Th
• $0.8 m — epreciation and amortization expense of $0.8 million, partially offset by higher rates
• $0.5 million — by higher rates and customer growth of $0.5 million. The decrease in the nine month period
• $2.0 m — epreciation and amortization expense of $2.0 million, partially offset by higher rates
• $1.6 million — by higher rates and customer growth of $1.6 million. Gas GAAP Gross Margin was $11.8 mill
• $11.8 million — .6 million. Gas GAAP Gross Margin was $11.8 million in the three months ended September 30,
• $82.4 million — riod in 2023. Gas GAAP Gross Margin was $82.4 million in the nine months ended September 30,
• $5.8 million — nded September 30, 2024, an increase of $5.8 million compared to the same period in 2023. Th
• $1.6 m — higher depreciation and amortization of $1.6 million, partially offset by higher rates
• $1.1 million — by higher rates and customer growth of $1.1 million. The increase in the nine month period
• $9.2 m — by higher rates and customer growth of $9.2 million, partially offset by higher depre

Filing Documents

• utl-20240930.htm (10-Q) — 2917KB
• utl-ex31_1.htm (EX-31.1) — 15KB
• utl-ex31_2.htm (EX-31.2) — 15KB
• utl-ex31_3.htm (EX-31.3) — 15KB
• utl-ex32_1.htm (EX-32.1) — 26KB
• utl-ex99_1.htm (EX-99.1) — 383KB
• img121274776_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-120859.txt ( ) — 14228KB
• utl-20240930.xsd (EX-101.SCH) — 1738KB
• utl-20240930_htm.xml (XML) — 3283KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements—Unaudited

Financial Statements—Unaudited Consolidated Statements of Earnings—Three and Nine Months Ended September 30, 2024 and 2023 14 Consolidated Balance Sheets, September 30, 2024, September 30, 2023 and December 31, 2023 15 - 16 Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2024 and 2023 17 4 Consolidated Statements of Changes in Common Stock Equity – Three and Nine Months Ended September 30, 2024 and 2023 18

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 19 - 42 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 - 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 - 43 Item 3. Defaults Upon Senior Securities Inapplicable Item 4. Mine Safety Disclosures Inapplicable Item 5. Other Information 43 Item 6. Exhibits 44 - 45

Signatures

Signatures 47 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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View this 10-Q filing on SEC EDGAR