Unitil (UTL) Q1 2026 earnings summary

Executive summary

• Adjusted Net Income for Q1 2026 was $33.8 million ($1.88 per share), up $5.4 million ($0.14 EPS) year-over-year, while reported Net Income was $33.2 million ($1.85 EPS), up $5.7 million ($0.16 EPS) year-over-year.

• Growth was driven by higher rates, customer expansion, colder winter weather, and successful integration of Bangor Natural Gas and Maine Natural Gas.

• Integration of Bangor and Maine Natural Gas contributed $4.1 million in net income and 7.3% customer growth year-over-year.

• Regulatory approvals and new rate cases in NH and Maine support future revenue growth.

Financial highlights

• Q1 2026 Net Income was $33.2 million, up from $27.5 million in Q1 2025; Adjusted Net Income was $33.8 million, up from $28.4 million.

• Total operating revenue rose to $216.9 million from $170.8 million year-over-year.

• Electric adjusted gross margin increased to $29.6 million (+$2.1 million), and gas adjusted gross margin rose to $82.1 million (+$11.2 million) year-over-year.

• Operation & maintenance expenses were $23.4 million (+$0.8 million), depreciation & amortization $23.3 million (+$1.6 million), and interest expense $10.8 million (+$1.7 million).

• Quarterly dividend declared at $0.475 per share, annualized to $1.90 per share.

Outlook and guidance

• Reaffirmed 2026 EPS guidance range of $3.20–$3.36, with a mid-point of $3.28.

• Long-term EPS growth targeted at 5%–7%; rate base growth at 6.5%–8.5% supported by a $1.2 billion five-year capital plan.

• Regulatory approvals in place for new rate increases and multi-year rate plans in NH and Massachusetts; pending rate cases in Maine and NH expected to support revenue growth.

• Expected quarterly earnings distribution in 2026 shows a 6.1% increase at the mid-point compared to 2025.

• Continued focus on system reliability, customer growth, and integration of acquisitions.