Earnings

Unitil Posts Third-Quarter Loss

The Tip Desk · November 10, 2026 · 3 min read

GAAP net income was a $1.5 million loss, or $0.08 a share, as gas operating revenue fell to $40.9 million.

Unitil Corporation (UTL), a New Hampshire-based utility holding company, posted a GAAP net loss of $1.5 million, or $0.08 a share, for the three months ended September 30, 2026, reversing the $4.7 million profit, or $0.26 a share, recorded in the second quarter.

Adjusted net income, which excludes transaction costs tied to the company’s acquisitions of Bangor Natural Gas Company, Maine Natural Gas Corporation and the Aquarion water companies, was a $0.7 million loss, or $0.04 a share, compared with $5.2 million, or $0.29 a share, in the prior quarter.

Total operating revenue was $109.5 million in the third quarter, down from $117.0 million in the second quarter. The company said results historically reflect the seasonal nature of the natural gas business, with annual gas revenues substantially realized during the heating season.

Gas operating revenue was $40.9 million, down from $55.3 million in the second quarter. Gas adjusted gross margin was $29.2 million. Electric operating revenue was $68.6 million, up from $61.7 million. Electric adjusted gross margin was $34.8 million.

The company said the increase in electric adjusted gross margin for the three-month period reflected higher rates and customer growth of $1.7 million. Total electric kilowatt-hour sales were 432.6 million, up from 347.7 million in the second quarter. Residential sales were 191.4 million kilowatt-hours and commercial and industrial sales were 241.2 million. The number of electric customers increased by approximately 430 over the previous year as of September 30, 2026. Substantially all electric sales volumes are decoupled, the company said.

Water revenues were $3.1 million in the third quarter after the Aquarion water companies closed on June 30, 2026. There were no water revenues in the second quarter. The water distribution utilities serve approximately 10,700 customers.

Operation and maintenance expenses increased $4.9 million in the three months ended September 30, 2026, compared with the same period in 2025. The company said the increase reflected higher utility operating costs of $2.6 million, higher labor and other costs of $2.2 million and higher acquisition costs of $0.1 million. Included in O&M were $1.2 million related to Maine Natural and $1.2 million related to the Aquarion companies. Excluding O&M for Maine Natural, the Aquarion companies and transaction costs, O&M for legacy operations would have increased by $2.4 million.

Depreciation and amortization expense increased $2.6 million in the three months ended September 30, 2026, compared with the same period in 2025. The company said the increase reflected higher levels of utility plant in service and higher amortization of recoverable storm costs and other deferred costs. Interest expense, net increased $2.1 million, primarily reflecting higher levels of short-term borrowings and long-term debt, partially offset by lower interest expense for regulatory liabilities.

At September 30, 2026, Unitil had an investment in net utility plant of $2.0 billion, up from $1.9 billion at June 30, 2026. The energy distribution utilities serve approximately 110,100 electric customers and 105,000 gas customers.

At its October 2026 meeting, the board declared a quarterly dividend of $0.475 a share, keeping the annualized rate at $1.90 a share.