Unitil Beats Expectations with Strong Q2 Earnings

Unitil Corporation reported its second-quarter earnings, beating expectations and reaffirming its full-year adjusted earnings guidance. The regulated utility operator recorded an adjusted net income of $5.2 million, or $0.29 per share, for the quarter.

The company's first-half results benefited from acquired gas operations, higher distribution rates, customer growth, and colder winter weather. Unitil added approximately 6,600 gas customers in the first half compared to the same period last year, with most of those additions tied to the Maine Natural Gas acquisition.

Unitil's adjusted gross margin rose 14.8% year over year to $61.2 million for the six months ended June 30. The increase reflected higher rates and customer growth, including a $13 million permanent rate award for Unitil's New Hampshire electric subsidiary that took effect on May 1.

The company completed its acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Company on June 30 for a total purchase price of $55.8 million. Management expects the New Hampshire water acquisition to be neutral to consolidated earnings per share in 2026 after considering transaction financing.