Unitil Corporation Delivers Strong Q2 Results, Reiterates Earnings Guidance and Emphasizes Commitment to Customer Satisfaction
Unitil Corporation has released its second-quarter 2026 financial results, showcasing a strong performance both operationally and financially. The company reported adjusted net income of $5.2 million, or $0.29 per share, for the quarter, with an increase of nearly 7% compared to the first six months of 2025.
Chairman and CEO Tom Meissner highlighted the company's outstanding performance in the first half of the year, emphasizing that they are fully earning their authorized returns on a trailing 12-month basis with a GAAP return on equity of 9.6%. This strong result has led to the reaffirmation of Unitil Corporation’s 2026 earnings guidance of $3.20 to $3.36 per share with a midpoint of $3.28, as well as their long-term earnings guidance of 5%-7%.
One notable development this quarter is the successful acquisition of the Aquarion Water Company of New Hampshire and Abenaki Water Company, which was completed on June 30th for a total purchase price of $55.8 million. This addition strengthens Unitil Corporation’s portfolio of regulated distribution utilities and provides opportunities for growth.
Unitil Corporation also reported that their regulatory agenda remains active, with the two Northern Utilities rate cases in Maine and New Hampshire progressing as expected. Dan Hurstak, Senior Vice President, Chief Financial Officer, and Treasurer, will provide additional details about these rate cases later during the call.
The company takes pride in delivering high-quality, reliable service to their customers. Recent customer survey results show that overall customer satisfaction remains high at 90%, which is slightly better than last year. This satisfaction level positions Unitil Corporation as having the best among Northeast utilities and within the top quartile nationally.
In addition to its commitment to customer satisfaction, Unitil Corporation has been investing in advanced metering infrastructure (AMI). The company’s AMI project will replace all of their electric meters with state-of-the-art smart meters that can provide near real-time information to customers. This upgrade is expected to enable improved decision-making and grid optimization.
The rollout of the new metering system has already been completed in Massachusetts, where 31,000 meters were replaced at a total cost of approximately $10 million. In New Hampshire, 21,000 meters have been replaced so far, with plans to complete the remaining 59,000 by the end of 2027. Total costs for this project in New Hampshire are expected to be around $30 million.
Unitil Corporation believes that their AMI project will help them deliver advanced functionality and level of service that their customers expect. With this initiative, they aim to provide enhanced reliability and improved customer experience.
