Unitil Stock Earnings Reports

Unitil reported strong first-quarter 2026 results with adjusted net income of $33.8 million and adjusted EPS of $1.88 (up $0.14 or 8% year-over-year). Management reaffirmed 2026 guidance of $3.20–$3.36 per share (midpoint $3.28) and long-term earnings growth of 5–7%. Integration of Bangor Natural Gas and Maine Natural Gas is substantially complete and is accretive to results; combined these added meaningful gross margin and customer growth (about 6,400 customers from Maine Natural Gas). Regulatory progress was a highlight: the New Hampshire Public Utilities Commission approved the full settlement for New Hampshire Electric Company (base rate increase of $13 million, ROE 9.45%), and Unitil has filed/routed rate cases for Northern Utilities in New Hampshire (temporary rates of $5.5 million expected June 1) and expects to file in Maine around June 1. The pending Aquarion Water acquisition remains conditional on completion of Eversource’s sale to the Aquarion Water Authority (primary approvals in Connecticut now final absent further appeals); management views Aquarion as highly complementary and growth-accretive. Capital plan increased to ~$1.2 billion over five years (includes $65 million for the two Maine gas companies); financing via cash flow, long-term debt, ATM equity and committed financing for Aquarion. Balance sheet management continues with recent $40 million senior note issuance, ~$160 million revolver capacity remaining, and an annualized dividend of $1.90 (up 5.6%) with a target payout ratio of 55–65%. A FERC transmission ROE reduction produced a modest one-time charge (~$900k) and is not expected to materially affect future earnings.