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UNITIL Corporation (UTL-0.30%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report details UNITIL's operations, including its electric and gas distribution services in New Hampshire, Massachusetts, and Maine. The company serves approximately 198,500 customers through its subsidiaries.
UNITIL's total operating revenue for 2024 was $494.8 million, with $248.3 million from electric operations and $246.5 million from gas operations. The company's net income for the year was $47.1 million, or $2.93 per share.
The report highlights UNITIL's acquisition of Bangor Natural Gas Company, completed on January 31, 2025, which expands its gas distribution operations in Maine.
UNITIL's capital expenditures for 2024 amounted to $169.9 million, primarily for utility system additions. The company plans to invest $176 million in capital projects in 2025.
The filing discusses various regulatory matters, including rate cases and adjustments in New Hampshire, Massachusetts, and Maine, which impact UNITIL's revenue and operations.
UNITIL's long-term debt as of December 31, 2024, was $643.3 million, with a fair value of approximately $598.9 million. The company maintains a revolving credit facility with a borrowing limit of $275 million.
The report also addresses environmental and legal matters, including the remediation of former manufactured gas plant sites and ongoing compliance with environmental regulations.
UNITIL's Board of Directors declared a quarterly dividend of $0.45 per share, increasing the annualized dividend rate to $1.80 per share.
The company's management emphasizes its focus on maintaining reliable service, regulatory compliance, and strategic growth through acquisitions and infrastructure investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UNITIL Corporation annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.