“The Company had an excellent second quarter and first half of the year,” said
Natural gas sales margins were
Electric sales margins were
Usource, the Company’s non-regulated energy brokering business, recorded revenues of
Operation and Maintenance (O&M) expenses increased
Depreciation, Amortization, Taxes and other expenses increased
Interest Expense, Net increased
Also in the second quarter, the Unitil Corporation Board of Directors declared the regular quarterly dividend on the Company’s common stock of
Selected financial data for 2014 and 2013 is presented in the following table:
Unitil Corporation – Condensed Consolidated Financial Data | |||||||||||||||||||||||
(Millions, except Per Share and Shares data)(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
Gas Therm Sales: | |||||||||||||||||||||||
Residential | 8.9 | 7.9 | 12.7 | % | 31.8 | 27.3 | 16.5 | % | |||||||||||||||
Commercial/Industrial | 36.1 | 33.4 | 8.1 | % | 106.6 | 95.3 | 11.9 | % | |||||||||||||||
Total Gas Therm Sales | 45.0 | 41.3 | 9.0 | % | 138.4 | 122.6 | 12.9 | % | |||||||||||||||
Electric kWh Sales: | |||||||||||||||||||||||
Residential | 147.0 | 151.6 | (3.0 | %) | 348.9 | 340.0 | 2.6 | % | |||||||||||||||
Commercial/Industrial | 237.4 | 238.1 | (0.3 | %) | 482.5 | 475.4 | 1.5 | % | |||||||||||||||
Total Electric kWh Sales | 384.4 | 389.7 | (1.4 | %) | 831.4 | 815.4 | 2.0 | % | |||||||||||||||
Gas Revenues | $ | 25.8 | $ | 22.1 | $ | 3.7 | $ | 118.4 | $ | 92.9 | $ | 25.5 | |||||||||||
Cost of Gas Sales | 9.5 | 8.7 | 0.8 | 65.6 | 49.0 | 16.6 | |||||||||||||||||
Gas Sales Margin | 16.3 | 13.4 | 2.9 | 52.8 | 43.9 | 8.9 | |||||||||||||||||
Electric Revenues | 46.1 | 42.9 | 3.2 | 108.0 | 88.8 | 19.2 | |||||||||||||||||
Cost of Electric Sales | 27.2 | 25.0 | 2.2 | 69.9 | 52.5 | 17.4 | |||||||||||||||||
Electric Sales Margin | 18.9 | 17.9 | 1.0 | 38.1 | 36.3 | 1.8 | |||||||||||||||||
Usource Sales Margin | 1.4 | 1.4 | --- | 3.0 | 2.9 | 0.1 | |||||||||||||||||
Total Sales Margin: | 36.6 | 32.7 | 3.9 | 93.9 | 83.1 | 10.8 | |||||||||||||||||
Operation & Maintenance
Expenses |
15.3 | 15.1 |
0.2 |
32.4 | 30.3 | 2.1 | |||||||||||||||||
Depreciation, Amortization, Taxes
& Other |
14.9 | 13.1 | 1.8 | 37.3 | 32.9 | 4.4 | |||||||||||||||||
Interest Expense, Net | 5.3 | 4.6 | 0.7 | 10.5 | 9.2 | 1.3 | |||||||||||||||||
Net Income (Loss) |
$ |
1.1 |
$ |
(0.1 |
) |
$ |
1.2 |
$ |
13.7 |
$ |
10.7 |
$ |
3.0 |
||||||||||
Earnings (Loss) Per Share | $ | 0.08 | $ | (0.01 | ) | $ | 0.09 | $ | 0.99 | $ | 0.78 | $ | 0.21 | ||||||||||
Weighted Average Common Shares Outstanding (000’s) | 13,842 | 13,768 | 74 | 13,832 | 13,760 | 72 | |||||||||||||||||
The Company’s results are expected to reflect the seasonal nature of the natural gas businesses. Accordingly, the Company expects that results of operations will be positively affected during the first and fourth quarters, when sales of natural gas are typically higher, and negatively affected during the second and third quarters, when gas operating and maintenance expenses usually exceed sales margins in the period.
The Company will hold a quarterly conference call to discuss second quarter 2014 results on
About
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitil’s beliefs and current expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include the following: Unitil’s regulatory environment (including regulations relating to climate change, greenhouse gas emissions and other environmental matters); fluctuations in the supply of, the demand for, and the prices of energy commodities and transmission capacity and Unitil’s ability to recover energy commodity costs in its rates; customers’ preferred energy sources; severe storms and Unitil’s ability to recover storm costs in its rates; general economic conditions; variations in weather; long-term global climate change; Unitil’s ability to retain its existing customers and attract new customers; Unitil’s energy brokering customers’ performance under multi-year energy brokering contracts; increased competition; and other risks detailed in
Source:
Investor Relations
David Chong, 603-773-6499
chong@unitil.com
or
Media Relations
Alec O’Meara, 603-773-6404
omeara@unitil.com
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