UNITIL CORP — Form 10-Q
Filed November 2, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 48/100
What the filing says
Unitil reported a Q3 2026 GAAP net loss of $1.5M ($0.08 EPS), down $1.2M vs. Q3 2025, primarily due to $2.1M higher interest expense and integration costs from recent acquisitions (Bangor Natural Gas, Maine Natural Gas, Aquarion water companies closed June 30, 2026). Nine-month 2026 GAAP net income reached $36.4M ($2.02 EPS), up $5.2M (+7% adjusted EPS to $2.12) vs. nine months 2025, driven by $48.6M higher gas revenues and $20.3M higher electric revenues from rate increases, customer growth, and colder weather, partially offset by higher depreciation ($6.6M) and interest expense ($4.9M). Company added 10,700 water customers via Aquarion acquisition; maintained $0.475/share quarterly dividend ($1.90 annualized rate).
Why this rating
Acquisitions are strategic but Q3 loss and elevated integration costs are temporary; strong YTD underlying performance (+7% adjusted EPS) and rate recovery offset debt servicing headwinds. Material to mid-cap utility but routine for capital-intensive consolidation.
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