Q1 2024 Unitil Corp Earnings Call Transcript
Key Points
- Unitil Corp reported a strong first quarter in 2024 with net income of $27.2 million, an increase of $3.1 million or approximately 12% compared to the first quarter of 2023.
- The company has successfully managed operational efficiency and cost control, with only a minimal increase in operation and maintenance expenses.
- Unitil Corp has been recognized for its commitment to sustainability, receiving the 2024 Climate and Energy Sustainability Award.
- The Kingston, New Hampshire solar project is progressing well, with construction on schedule and expected operational start in the first half of 2025.
- Unitil Corp continues to experience customer growth in both electric and gas sectors, contributing to increased adjusted gross margins.
- Weather conditions, particularly in Maine, negatively impacted earnings by approximately $0.02 per share compared to 2023.
- Despite the overall positive financial results, the company noted potential challenges ahead due to higher interest rates affecting future quarters.
- Depreciation and amortization expenses increased by $1.3 million due to higher levels of utility plant and service.
- Taxes other than income taxes increased by $0.4 million, driven by higher local property taxes and payroll taxes.
- Interest expenses increased due to higher levels of short-term borrowings and long-term debt, although partially offset by other factors.
Good day, and thank you for standing by, and welcome to the Q1 2024 Unitil earnings conference call. At this time, all participants are in a listen only mode after the speakers' presentation, there will be a question and answer session to ask a question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one. Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Chris Golding, Vice President of Finance and Regulatory Services. Please go ahead.
Good morning, and thank you for joining us to discuss Unitil Corporation's First Quarter 2024 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer, and Dan Harrisdirect, Senior Vice President, Chief Financial Officer, and Treasurer. Also with us today are Bob Havard,
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