Unitil Reports Record $50.2M Earnings, Hikes Dividend 5.6%, Unveils $1.2B Growth Plan
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Unitil announced record net earnings of $50.2 million and increased its annual dividend by 5.6% to $1.90 per share. The company also unveiled an ambitious five-year capital plan totaling approximately $1.2 billion, a significant 20% increase over prior plans. This substantial investment, which is larger than the company's current market capitalization, is expected to drive 6.5%-8.5% rate base growth through low-risk, accretive expansion. The announcement also confirmed the closing of Bangor Natural Gas and Maine Natural Gas acquisitions and outlined pending Aquarion water deals, reinforcing its growth strategy. This news significantly enhances Unitil's long-term growth profile and could attract both income and growth-oriented investors, signaling a strong outlook for the utility.
At the time of this announcement, UTL was trading at $52.99 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $953.1M. The 52-week trading range was $44.61 to $59.99. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Wiseek News.