Unitil Q1 Net Income Rises $5.7M to $33.2M, EPS Hits $1.85
Unitil reported net income of $33.2M, or $1.85 EPS, in Q1 2026, up $5.7M and $0.16 per share year-over-year. Adjusted net income rose to $33.8M, or $1.88 EPS, while gas gross margin increased by $10M to $67.1M, driven by higher rates and customer growth.
1. Q1 Financial Results
Unitil generated net income of $33.2 million in the first quarter of 2026, up $5.7 million from Q1 2025, translating to EPS of $1.85 versus $1.69 a year earlier. Adjusted net income, excluding transaction costs, reached $33.8 million, or $1.88 per share, a $0.14 per-share gain.
2. Segment Performance
Electric GAAP gross margin climbed $1.7 million to $21.3 million on higher rate recoveries, while electric adjusted gross margin rose $2.1 million to $29.6 million. Gas GAAP gross margin surged $10.0 million to $67.1 million, boosted by rate increases, customer growth and colder winter weather.
3. Expenses and Integration Costs
Total O&M expenses increased $0.8 million, reflecting higher utility operating costs offset by lower acquisition costs; legacy O&M decreased $0.2 million excluding Maine Natural. Depreciation and amortization rose $1.6 million, and net interest expense increased $1.7 million on higher debt balances.
4. Dividend Declaration
The board declared a quarterly common dividend of $0.475 per share, maintaining an uninterrupted payout record and annualizing at $1.90 per share. The company emphasized its focus on system reliability investments and seamless acquisition integration to support sustainable growth.