HAMPTON, NH, February 14, 2023 (GLOBE NEWSWIRE) — Unitil Corporation UTL (unitil.com) today announced net income of $41.4 million, or $2.59 in earnings per share (EPS), for the year ended December 31, 2022, an increase of $5.3 million or $5.3 million in net income $0.24 EPS compared to 2021. Company Electric and Gas GAAP gross margins for 2022 were $73.4 million and $107.6 million, respectively.

“We are pleased to have delivered strong financial performance and superior customer service despite the challenges our industry and customers face in 2022,” said Thomas P. Meissner, Jr., Chairman and Chief Executive Officer of Unitile. “Looking ahead, we are prepared for the challenges and opportunities presented by the dramatic changes in our industry and believe our strategy and commitment to long-term sustainable growth will continue to create exceptional value for all stakeholders.”

Electric’s GAAP gross margin was $73.4 million in 2022, an increase of $1.9 million compared to 2021. The increase was due to higher rates and customer growth of $1.7 million and lower depreciation and amortization charges of $0.5 million, partially offset by an unfavorable revenue impact of $0.3 million from cooler spring weather when interest rates were pending decoupling .

Adjusted Electrical Gross Margin (a non-GAAP financial measure¹) was $98.8 million in 2022, an increase of $1.4 million compared to 2021. The increase was due to higher rates and subscriber growth of $1.7 million, which partially offset by the unfavorable impact of cooler spring weather on sales of $0.3 million while rates were pending.
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¹_{The accompanying supplemental information further describes the non-GAAP financial measures used in this press release and includes a reconciliation of the non-GAAP financial measures to those financial measures that management believes are the most comparable GAAP financial measures. The supplementary information also includes a…}