The following is a summary of the Unitil Corporation (UTL) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• Unitil Corporation reported a breakeven for Q3 2024, with net income through the first nine months of the year totaling $31.5 million, or $1.96 per share, which is an increase of $0.11 per share over the same period in 2023.

• Adjusted net income for the first nine months was $32.1 million, or $2 per share, excluding transaction costs related to the Bangor Natural Gas acquisition.

• Electric adjusted gross margin increased by $1.6 million, and gas adjusted gross margin increased by $9.2 million due to higher distribution rates and customer growth.

Business Progress:

• Unitil has entered into an agreement to acquire Bangor Natural Gas, planning to close the transaction by the end of Q1 2025.

• The company has implemented the Advanced Mobile Leak Detection Technology across all its natural gas systems, significantly reducing methane emissions.

• Initiation of the Advanced Metering Infrastructure Upgrade project which replaces old meters and allows for new rate structures benefiting customers with greater usage transparency.

Opportunities:

• Unitil reaffirms its long-term earnings growth target of 5% to 7%, supported by rate-based growth of 6.5% to 8.5%.

• The company continues to focus on sustainability, aiming to reduce greenhouse gas emissions by 50% by 2030 and achieve net zero by 2050.

Risks:

• Increased operation and maintenance expenses offset by higher electric and gas margins pose a financial balancing act.

• Regulatory approvals pending for the Bangor Natural Gas acquisition introduce a potential delay or additional requirements.

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