Unitil Delivers Strong Q1 2026 Results, Reaffirms Earnings Guidance
Unitil Corporation, a leading utility company in New England, announced strong first-quarter 2026 results on its recent earnings conference call. The company reported adjusted net income of $33.8 million and adjusted earnings per share (EPS) of $1.88 for the quarter, representing an increase of 8% compared to the same period last year.
Tom Meissner, Chairman and CEO of Unitil, highlighted the company's positive business updates during the call. The integration work for its Maine Gas acquisitions has proceeded as planned, with Bangor Natural Gas fully integrated last year and Maine Natural Gas substantially complete. Meissner noted that the company is now the largest natural gas utility in Maine, serving approximately 90% of all gas customers.
The acquisitions of Bangor Natural Gas and Maine Natural Gas have meaningfully increased Unitil's rate base and will be accretive to earnings over the long term. In the most recent quarter, Bangor Natural Gas contributed $5.1 million and Maine Natural Gas contributed $6.1 million to adjusted gross gas margin, resulting in a combined $4.1 million of incremental net income before considering financing costs for Maine Natural Gas.
Meissner also mentioned that Unitil recently received an order approving its New Hampshire electric rate case in its entirety and has filed a rate case for Northern Utilities Gas subsidiary in New Hampshire. The company expects to file a gas rate case for Northern Utilities in Maine on or about June 1.
The strong results for the first quarter led Unitil to reaffirm its 2026 guidance range of $3.20 to $3.36 per share, with a midpoint of $3.28. The company also reaffirmed its long-term earnings growth of 5-7%.
Unitil's financial performance was driven by the successful integration of its Maine Gas acquisitions and the company's ability to leverage its experienced workforce and seasoned operational framework. The success of these efforts has allowed Unitil to realize operating and financial benefits consistent with its original expectations.
