NYSE:UTL Unitil Q3 2024 Earnings Report $73.33 +2.27 (+3.19%) Closing price 04/17/2025 03:59 PM EasternExtended Trading$74.54 +1.21 (+1.65%) As of 04/17/2025 05:31 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast International Flavors & Fragrances EPS ResultsActual EPS$0.02Consensus EPS $0.01Beat/MissBeat by +$0.01One Year Ago EPS$0.09International Flavors & Fragrances Revenue ResultsActual Revenue$92.90 millionExpected Revenue$116.00 millionBeat/MissMissed by -$23.10 millionYoY Revenue GrowthN/AInternational Flavors & Fragrances Announcement DetailsQuarterQ3 2024Date11/4/2024TimeAfter Market ClosesConference Call DateTuesday, November 5, 2024Conference Call Time10:00AM ETUpcoming EarningsInternational Flavors & Fragrances' Q1 2025 earnings is scheduled for Tuesday, May 6, 2025, with a conference call scheduled on Wednesday, May 7, 2025 at 9:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckQuarterly Report (10-Q)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by International Flavors & Fragrances Q3 2024 Earnings Call TranscriptProvided by QuartrNovember 5, 2024 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Good day. Thank you for standing by. Welcome to the Q3 2024 Unitil Earnings Conference Call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. Operator00:00:13After the speakers' presentation, there will be a question and answer session. I would now like to hand the conference over to your speaker today, Todd Diggins, Chief Accounting Officer and Controller. Speaker 100:00:33Good morning and thank you for joining us to Unitil Corporation's Q3 2024 Financial Results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer and Dan Hirsdak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today is Bob Hebert, President and Chief Administrative Officer. We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information including a presentation to the Investors section of our website at unitul.com. Speaker 100:01:06We will refer to that information during this call. Moving to Slide 2, the comments made today about future operating results or events are forward looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10 ks and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward looking statements speak only as of today and we assume no obligation to update them. Speaker 100:01:50This presentation contains non GAAP financial measures. The accompanying supplemental information more fully describes these non GAAP financial measures and include a reconciliation to the nearest GAAP financial measures. The company believes these non GAAP financial measures are useful in evaluating its performance. With that, I will now turn the call over to Chairman and CEO, Tom Meissner. Speaker 200:02:12Thanks, Todd, and good morning, everyone. Thank you for joining us today. Beginning on Slide 3, today we announced breakeven results for the Q3. Through the 1st 9 months of the year, net income was $31,500,000 or $1.96 per share, representing an increase of $0.11 per share over the same period in 2023. Our results for the quarter were consistent with our expectations and we remain confident that our full year earnings will be within our long term guidance range. Speaker 200:02:43I'll also mention that we provide a graph of the expected distribution of our quarterly earnings in the call supplement each quarter and our quarterly results have been generally consistent with that guidance. Looking beyond 2024, we reaffirm our long term earnings growth of 5% to 7% supported by rate base growth in the range of 6.5% to 8.5% and a dividend payout ratio between 55% 65%. As discussed on our previous earnings call, in July, we entered into an agreement with Hope Utilities to acquire Bangor Natural Gas. Beginning this quarter, we disclosed adjusted net income and earnings per share in our Q3 Form 10 Q to reflect the company's baseline operating performance excluding transaction costs. Through the 1st 9 months of the year, adjusted net income was $32,100,000 or $2 per share. Speaker 200:03:40We're pleased with the strong results through the 1st 9 months and believe they reflect strong operational performance, disciplined cost management and the successful execution of our regulatory agenda. On the regulatory front, Granite State Gas Transmission, our interstate gas transmission subsidiary recently filed an uncontested rate case settlement with FERC. Later in the presentation, Dan will provide more detail about the settlement as well as an update on the regulatory proceeding for Bangor Natural Gas acquisition. Moving now to Slide 4, I'm pleased to announce that we recently published our 2024 Corporate Sustainability and Responsibility Report. As we have emphasized in the past, sustainability is fundamental to our strategy and I believe this report comprehensively addresses our accomplishments, initiatives and commitments related to sustainability. Speaker 200:04:39We have created a robust sustainability framework that we believe will allow us to navigate the uncertainties ahead and attain our goal of reducing greenhouse gas emissions by 50% by 2,030 and achieve net zero emissions by 2,050. We continue to make steady progress towards that goal and to this point we have achieved an 18% reduction in emissions compared to 2019 levels. I'd like to take a minute to highlight our advanced mobile leak detection program, which uses best in class paccaro leak detection technology to more accurately measure methane emissions from our distribution systems. We initially focused on our Massachusetts distribution system and the results there showed significantly lower fugitive emissions than what we've been reporting using EPA and Massachusetts Department of Environmental Protection emission factors. We also found that approximately half of our fugitive emissions came from a relatively small number of leaks, which allows us to quickly address and eliminate those sources of methane leakage. Speaker 200:05:47Building on our success in Massachusetts, this year we implemented Picarro's advanced mobile leak detection technology across all of our natural gas systems to measure, investigate and mitigate fugitive emissions. This initiative is expected to drive significant reductions in scope 1 emissions. I'm also pleased to report that we have once again been recognized as one of the best companies to work for in New Hampshire. Employees are our greatest asset and we strive for diverse and inclusive workplace where everyone feels valued, engaged and proud to be part of Unitil. We hope to build on this success as we remain a top employer in this of choice in the region. Speaker 200:06:30The corporate sustainability report contains a wealth of information and I encourage everyone to read the report and learn more about our ongoing initiatives. Turning now to Slide 5, I'd also like to highlight our advanced metering infrastructure upgrade or AMI project, which is now underway. This project will replace a legacy AMI system that has been in service for over 15 years now and which relied on power line carrier communication to transmit metering information over the power lines. The new system uses wireless radio frequency and cellular communication to allow for meter reading intervals as frequent as every 15 minutes. As part of this project, we will replace all the electric meters in our service areas with new state of the art advanced meters. Speaker 200:07:20This new functionality will provide transparency to customers regarding their usage and provides opportunities for new rate structures such as time buried rates. We expect this project will cost approximately $40,000,000 over the next 3 years. In Massachusetts, the costs associated with this project are eligible for accelerated recovery. We believe this initiative will provide a wide range of benefits to our customers and supports the clean energy transition. Speaker 300:07:51With that, I'll now pass it over to Dan who will provide greater detail on the quarterly and year to date results. Thank you, Tom. Good morning, everyone. I'll begin on Slide 6. As Tom mentioned, today we announced breakeven results for the 3 months ended September 30, 2024. Speaker 300:08:11For the 1st 9 months of the year, net income was $31,500,000 or $1.96 per share, an increase of $0.11 per share compared to the corresponding period in 2023. Earnings growth reflects higher adjusted electric and gas margin partially offset by higher operating expenses. We have also reported adjusted net income and EPS amounts, which exclude the effect of certain Bangor transaction costs recognized in operation and maintenance expense. And as Tom mentioned, do not reflect ongoing operating performance. Adjusted earnings per share was $0.02 per share in the Q3 and $2 per share for the 1st 9 months of the year. Speaker 300:08:58Turning to Slide 7, I will discuss our electric and gas adjusted gross margins. I'll begin with our electric operations. Electric adjusted gross margin was $81,700,000 for the 9 months ended September 30, 2024, an increase of $1,600,000 as compared to the same period of 2023. The increase in electric adjusted gross margin reflects higher distribution rates and customer growth. The company added approximately 1100 new electric customers compared to the same period in 2023. Speaker 300:09:34And as noted during prior calls, electric distribution revenues are substantially decoupled, which eliminates the dependency of distribution revenue on the volume of electricity sales. Moving to gas operations, gas adjusted gross margin was $115,600,000 for the 9 months ended September 30, 2024, an increase of $9,200,000 compared to the same period in 2023. The increase in gas adjusted gross margin reflects higher distribution rates and customer growth. The company added approximately 720 new gas customers compared to the same period in 2023. Approximately 60% of the company's gas customers are under decoupled rates and through the 1st 9 months of the year, we estimate that decoupling supported gas margin by approximately $0.20 per share. Speaker 300:10:32Moving to Slide 8, we provide an earnings bridge comparing year to date 2024 results to 2023. As I just mentioned, adjusted gross margin for the 1st 9 months of the year increased by $10,800,000 primarily driven by higher distribution rates and customer growth. Operation and maintenance expenses increased $1,100,000 reflecting higher labor costs and higher utility operating costs as well as transaction costs associated with the Bangor Natural Gas acquisition. This increase of approximately 2% in operation and maintenance expenses is below the increase in inflation of approximately 2.4% over the same period. Depreciation and amortization increased $5,100,000 reflecting higher levels of utility plant and service, higher depreciation rates approved in recent Maine and Massachusetts rate orders and higher amortization of storm costs and other deferred costs. Speaker 300:11:34Taxes other than income taxes increased $1,500,000 reflecting higher local property taxes on higher utility plant and service as well as higher payroll taxes. Interest expense increased $1,000,000 reflecting higher interest expense on short term borrowings and higher levels of long term debt, partially offset by higher interest income on regulatory assets. Other expense increased by $200,000 largely due to higher retirement benefit costs. And lastly, income taxes increased $100,000 reflecting higher pre tax earnings. Turning to Slide 9. Speaker 300:12:15As Tom previously noted, we recently filed an uncontested settlement with FERC for Granite State Gas Transmission, our interstate gas pipeline requesting approval by November 25, 2024 for rates effective November 1, 2024. The settlement agreement includes an annual revenue increase of $3,000,000 which represents an increase of approximately 30% to Granite's current revenues. The settlement includes 3 limited Section 4 STEP filings over the next 3 years, totaling approximately $30,000,000 to recover eligible capital costs. This multi year rate plan will increase rates each September for the next 3 years beginning in 2025. We are pleased with the outcome of this settlement, which should provide Granite State Gas Transmission with the opportunity to earn a reasonable return for the next few years. Speaker 300:13:12Moving to Slide 10. As we discussed last quarter, in July, the company agreed to acquire Bangor Natural Gas from Hope Utilities and we are currently working through the regulatory approval proceeding before the Maine Public Utilities Commission. Deliberations are currently scheduled for early February and we expect this transaction should close by the end of the Q1 of 2025. Bangor Natural Gas is a great complement to our current natural gas distribution operations in Maine. Bangor Natural Gas has experienced strong historical customer growth and we believe the combination of low penetration rates, cold climate and constructive regulatory jurisdiction will allow Bangor to continue to deliver affordable natural gas to its customers. Speaker 300:14:01We will provide additional updates regarding this transaction on our next earnings call. Turning to Slide 11. Our investment outlook remains strong and our projected capital spending through 2028 totals approximately $910,000,000 As previously discussed, there remains additional upside to our capital plan for electric sector modernization projects as we invest in supporting the clean energy transition. Since 2017, our rate base growth has been 7.9% outpacing the midpoint of our long run growth guidance of 6.5% to 8.5%. I'd like to mention the great progress that has been made at our Kingston Solar Facility. Speaker 300:14:48In August, site work was completed and facility construction commenced. We expect that the project will be placed in service during the Q2 of 2025. We will seek regulatory recovery upon completion and continue to look for opportunities that provide similar benefits to customers. Consistent with prior years, we anticipate providing an update to our investment plan during the Q4 earnings call. Moving to Slide 12, our balance sheet is strong and we anticipate that operating cash flows less dividends will fund the majority of our investment plan with additional financing obtained from a mix of debt and equity. Speaker 300:15:31Maintaining our strong balance sheet and investment grade credit ratings is key to our financing strategy and we believe our low risk cash flow generation compares favorably to our peers. In August, we successfully closed on $135,000,000 of long term debt at competitive rates across Unitil Corporation and all of our utility subsidiaries. These transactions recapitalized our short term debt balance and reduced interest rate volatility. I'll now turn the call back over to Tom. Speaker 200:16:07Great. Thanks, Dan. Wrapping up now on Slide 13, with 9 months behind us, we continue to deliver on our commitments. Our capital plan is progressing as planned, regulatory outcomes remain constructive and we are earning our authorized returns. Looking ahead, we offer long term earnings growth aligned with our peers while maintaining a lower risk profile. Speaker 200:16:32We look forward to sharing more information on our strategies, our progress and our investment outlook on the year end earnings call. With that, I'll turn the call back to Todd. Speaker 100:16:42Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I will now turn the call over to the operator who will coordinate questions. Operator00:16:52Thank you. And I'm not showing any further questions at this time. This concludes the conference. One question, one moment. Our first question comes from Shelby Tucker with RBC. Operator00:17:28You may proceed. Speaker 400:17:29Yes, good morning. Thank you. Just wanted to maybe break down a bit more the capital spending program by asset class between electric and gas. And then also as you think about some of the policies that the states have been pursuing in your territories, Where do you see the trend going between those 2 asset classes? Thank you. Speaker 200:17:54I mean, I can hi Shelby, this is Tom. I can probably take the second part of the question. I'm not sure I have the breakdown. But in terms of state policies, I mean, clearly we're seeing a big shift, I think, toward electric from gas. That's especially notable in Massachusetts in particular. Speaker 200:18:15Grid modernization continues to be a topic, even in New Hampshire. So we're seeing more of our spend geared towards electric than gas. That will be especially true as we start to finish up some of our pipeline replacement programs on the gas side. So I think as you know, we completed New Hampshire some years ago and this year we will complete Maine. So our system will be entirely modernized in Maine. Speaker 200:18:41And realistically much of our replacement in Massachusetts will be completed during the next 5 year time period. So I think we do see more of our capital investment outlook shifting over to the electric side. So I'll let Dan provide any color on the breakdown. Speaker 300:18:57Yes, Sylvia. I'd agree with Tom. I think when you look at the trend, it will probably more moving more towards the mix of electric relative to the current mix. We're probably about 2 thirds gas, 1 third electric for rate base. So the current the short term capital plan prior flex that a little bit. Speaker 300:19:14There's probably somewhere in the neighborhood of 15% to 25% growth versus maintenance capital embedded in that plan. And when you think about Massachusetts, we have that natural hedge of gas and electric customer base in that state. So as we support the electric sector modernization plan, which we referenced, that may lend itself to a little bit more investment for the electric side in Massachusetts. Speaker 400:19:40So if we think about the 6.5% to 8.5% rate base growth target, as newer policies come out, is that additive to that number or is do you anticipate some offsets to keep it in that 6.5% to 8.5%? Speaker 300:20:01Yes. I think there is some upside, Shelby, to the policies, particularly in Massachusetts. That's a portion of the investments that are included in our electric sector modernization plan are included in that $910,000,000 capital plan through 2028, but a portion are not. So there is definitely upside to the plan for those types of investments. Speaker 200:20:23Great. Probably also worth mentioning that it does not include any upside related to Bangor Natural Gas. Speaker 400:20:30Sure. Okay. Thank you. Speaker 200:20:35Great. Thank you. Operator00:20:37Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallInternational Flavors & Fragrances Q3 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsSlide DeckQuarterly report(10-Q) International Flavors & Fragrances Earnings HeadlinesJ.P. Morgan Reaffirms Their Buy Rating on International Flavors & Fragrances (IFF)April 17 at 9:52 PM | markets.businessinsider.comIFF price target lowered to $87 from $95 at MizuhoApril 17 at 4:51 PM | markets.businessinsider.comSomething strange going on at Mar-a-LagoA former government advisor says a $9 trillion AI breakthrough is nearing launch. It may become America’s biggest advantage in the race against China — and a handful of Musk-linked companies could benefit.April 20, 2025 | Brownstone Research (Ad)Global Fragrance Leader IFF Opens Creative Center and Perfumery Art Studio in DubaiApril 17 at 4:51 PM | msn.comMizuho Has Lowered Expectations for International Flavors & Fragrances (NYSE:IFF) Stock PriceApril 17 at 3:49 AM | americanbankingnews.comBarclays Lowers International Flavors & Fragrances (NYSE:IFF) Price Target to $76.00April 16, 2025 | americanbankingnews.comSee More International Flavors & Fragrances Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like International Flavors & Fragrances? Sign up for Earnings360's daily newsletter to receive timely earnings updates on International Flavors & Fragrances and other key companies, straight to your email. Email Address About International Flavors & FragrancesInternational Flavors & Fragrances (NYSE:IFF), Inc. engages in the manufacture and supply of flavors and fragrances used in the food, beverage, personal care, and household products industries. It operates through the following segments: Nourish, Health & Biosciences, Scent and Pharma Solutions. The Nourish segment consists of legacy Taste segment combined with N&B's Food & Beverage division and the food protection business of N&B's Health & Biosciences division. The Health & Biosciences business consists of a biotechnology-driven portfolio of enzymes, food cultures, probiotics and specialty ingredients for food, home and personal care, and health and wellness applications. The Scent business creates fragrance compounds, fragrance ingredients and cosmetic ingredients that are integral elements in the world’s finest perfumes and best-known household and personal care products. The Pharma Solutions business produces a vast portfolio including cellulosics and seaweed-based pharma excipients, used to improve the functionality and delivery of active pharmaceutical ingredients, including controlled or modified drug release formulations, and enabling. The company was founded in 1833 and is headquartered in New York, NY.View International Flavors & Fragrances ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Archer Aviation Unveils NYC Network Ahead of Key Earnings Report3 Reasons to Like the Look of Amazon Ahead of EarningsTesla Stock Eyes Breakout With Earnings on DeckJohnson & Johnson Earnings Were More Good Than Bad—Time to Buy? 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There are 5 speakers on the call. Operator00:00:00Good day. Thank you for standing by. Welcome to the Q3 2024 Unitil Earnings Conference Call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. Operator00:00:13After the speakers' presentation, there will be a question and answer session. I would now like to hand the conference over to your speaker today, Todd Diggins, Chief Accounting Officer and Controller. Speaker 100:00:33Good morning and thank you for joining us to Unitil Corporation's Q3 2024 Financial Results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer and Dan Hirsdak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today is Bob Hebert, President and Chief Administrative Officer. We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information including a presentation to the Investors section of our website at unitul.com. Speaker 100:01:06We will refer to that information during this call. Moving to Slide 2, the comments made today about future operating results or events are forward looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10 ks and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward looking statements speak only as of today and we assume no obligation to update them. Speaker 100:01:50This presentation contains non GAAP financial measures. The accompanying supplemental information more fully describes these non GAAP financial measures and include a reconciliation to the nearest GAAP financial measures. The company believes these non GAAP financial measures are useful in evaluating its performance. With that, I will now turn the call over to Chairman and CEO, Tom Meissner. Speaker 200:02:12Thanks, Todd, and good morning, everyone. Thank you for joining us today. Beginning on Slide 3, today we announced breakeven results for the Q3. Through the 1st 9 months of the year, net income was $31,500,000 or $1.96 per share, representing an increase of $0.11 per share over the same period in 2023. Our results for the quarter were consistent with our expectations and we remain confident that our full year earnings will be within our long term guidance range. Speaker 200:02:43I'll also mention that we provide a graph of the expected distribution of our quarterly earnings in the call supplement each quarter and our quarterly results have been generally consistent with that guidance. Looking beyond 2024, we reaffirm our long term earnings growth of 5% to 7% supported by rate base growth in the range of 6.5% to 8.5% and a dividend payout ratio between 55% 65%. As discussed on our previous earnings call, in July, we entered into an agreement with Hope Utilities to acquire Bangor Natural Gas. Beginning this quarter, we disclosed adjusted net income and earnings per share in our Q3 Form 10 Q to reflect the company's baseline operating performance excluding transaction costs. Through the 1st 9 months of the year, adjusted net income was $32,100,000 or $2 per share. Speaker 200:03:40We're pleased with the strong results through the 1st 9 months and believe they reflect strong operational performance, disciplined cost management and the successful execution of our regulatory agenda. On the regulatory front, Granite State Gas Transmission, our interstate gas transmission subsidiary recently filed an uncontested rate case settlement with FERC. Later in the presentation, Dan will provide more detail about the settlement as well as an update on the regulatory proceeding for Bangor Natural Gas acquisition. Moving now to Slide 4, I'm pleased to announce that we recently published our 2024 Corporate Sustainability and Responsibility Report. As we have emphasized in the past, sustainability is fundamental to our strategy and I believe this report comprehensively addresses our accomplishments, initiatives and commitments related to sustainability. Speaker 200:04:39We have created a robust sustainability framework that we believe will allow us to navigate the uncertainties ahead and attain our goal of reducing greenhouse gas emissions by 50% by 2,030 and achieve net zero emissions by 2,050. We continue to make steady progress towards that goal and to this point we have achieved an 18% reduction in emissions compared to 2019 levels. I'd like to take a minute to highlight our advanced mobile leak detection program, which uses best in class paccaro leak detection technology to more accurately measure methane emissions from our distribution systems. We initially focused on our Massachusetts distribution system and the results there showed significantly lower fugitive emissions than what we've been reporting using EPA and Massachusetts Department of Environmental Protection emission factors. We also found that approximately half of our fugitive emissions came from a relatively small number of leaks, which allows us to quickly address and eliminate those sources of methane leakage. Speaker 200:05:47Building on our success in Massachusetts, this year we implemented Picarro's advanced mobile leak detection technology across all of our natural gas systems to measure, investigate and mitigate fugitive emissions. This initiative is expected to drive significant reductions in scope 1 emissions. I'm also pleased to report that we have once again been recognized as one of the best companies to work for in New Hampshire. Employees are our greatest asset and we strive for diverse and inclusive workplace where everyone feels valued, engaged and proud to be part of Unitil. We hope to build on this success as we remain a top employer in this of choice in the region. Speaker 200:06:30The corporate sustainability report contains a wealth of information and I encourage everyone to read the report and learn more about our ongoing initiatives. Turning now to Slide 5, I'd also like to highlight our advanced metering infrastructure upgrade or AMI project, which is now underway. This project will replace a legacy AMI system that has been in service for over 15 years now and which relied on power line carrier communication to transmit metering information over the power lines. The new system uses wireless radio frequency and cellular communication to allow for meter reading intervals as frequent as every 15 minutes. As part of this project, we will replace all the electric meters in our service areas with new state of the art advanced meters. Speaker 200:07:20This new functionality will provide transparency to customers regarding their usage and provides opportunities for new rate structures such as time buried rates. We expect this project will cost approximately $40,000,000 over the next 3 years. In Massachusetts, the costs associated with this project are eligible for accelerated recovery. We believe this initiative will provide a wide range of benefits to our customers and supports the clean energy transition. Speaker 300:07:51With that, I'll now pass it over to Dan who will provide greater detail on the quarterly and year to date results. Thank you, Tom. Good morning, everyone. I'll begin on Slide 6. As Tom mentioned, today we announced breakeven results for the 3 months ended September 30, 2024. Speaker 300:08:11For the 1st 9 months of the year, net income was $31,500,000 or $1.96 per share, an increase of $0.11 per share compared to the corresponding period in 2023. Earnings growth reflects higher adjusted electric and gas margin partially offset by higher operating expenses. We have also reported adjusted net income and EPS amounts, which exclude the effect of certain Bangor transaction costs recognized in operation and maintenance expense. And as Tom mentioned, do not reflect ongoing operating performance. Adjusted earnings per share was $0.02 per share in the Q3 and $2 per share for the 1st 9 months of the year. Speaker 300:08:58Turning to Slide 7, I will discuss our electric and gas adjusted gross margins. I'll begin with our electric operations. Electric adjusted gross margin was $81,700,000 for the 9 months ended September 30, 2024, an increase of $1,600,000 as compared to the same period of 2023. The increase in electric adjusted gross margin reflects higher distribution rates and customer growth. The company added approximately 1100 new electric customers compared to the same period in 2023. Speaker 300:09:34And as noted during prior calls, electric distribution revenues are substantially decoupled, which eliminates the dependency of distribution revenue on the volume of electricity sales. Moving to gas operations, gas adjusted gross margin was $115,600,000 for the 9 months ended September 30, 2024, an increase of $9,200,000 compared to the same period in 2023. The increase in gas adjusted gross margin reflects higher distribution rates and customer growth. The company added approximately 720 new gas customers compared to the same period in 2023. Approximately 60% of the company's gas customers are under decoupled rates and through the 1st 9 months of the year, we estimate that decoupling supported gas margin by approximately $0.20 per share. Speaker 300:10:32Moving to Slide 8, we provide an earnings bridge comparing year to date 2024 results to 2023. As I just mentioned, adjusted gross margin for the 1st 9 months of the year increased by $10,800,000 primarily driven by higher distribution rates and customer growth. Operation and maintenance expenses increased $1,100,000 reflecting higher labor costs and higher utility operating costs as well as transaction costs associated with the Bangor Natural Gas acquisition. This increase of approximately 2% in operation and maintenance expenses is below the increase in inflation of approximately 2.4% over the same period. Depreciation and amortization increased $5,100,000 reflecting higher levels of utility plant and service, higher depreciation rates approved in recent Maine and Massachusetts rate orders and higher amortization of storm costs and other deferred costs. Speaker 300:11:34Taxes other than income taxes increased $1,500,000 reflecting higher local property taxes on higher utility plant and service as well as higher payroll taxes. Interest expense increased $1,000,000 reflecting higher interest expense on short term borrowings and higher levels of long term debt, partially offset by higher interest income on regulatory assets. Other expense increased by $200,000 largely due to higher retirement benefit costs. And lastly, income taxes increased $100,000 reflecting higher pre tax earnings. Turning to Slide 9. Speaker 300:12:15As Tom previously noted, we recently filed an uncontested settlement with FERC for Granite State Gas Transmission, our interstate gas pipeline requesting approval by November 25, 2024 for rates effective November 1, 2024. The settlement agreement includes an annual revenue increase of $3,000,000 which represents an increase of approximately 30% to Granite's current revenues. The settlement includes 3 limited Section 4 STEP filings over the next 3 years, totaling approximately $30,000,000 to recover eligible capital costs. This multi year rate plan will increase rates each September for the next 3 years beginning in 2025. We are pleased with the outcome of this settlement, which should provide Granite State Gas Transmission with the opportunity to earn a reasonable return for the next few years. Speaker 300:13:12Moving to Slide 10. As we discussed last quarter, in July, the company agreed to acquire Bangor Natural Gas from Hope Utilities and we are currently working through the regulatory approval proceeding before the Maine Public Utilities Commission. Deliberations are currently scheduled for early February and we expect this transaction should close by the end of the Q1 of 2025. Bangor Natural Gas is a great complement to our current natural gas distribution operations in Maine. Bangor Natural Gas has experienced strong historical customer growth and we believe the combination of low penetration rates, cold climate and constructive regulatory jurisdiction will allow Bangor to continue to deliver affordable natural gas to its customers. Speaker 300:14:01We will provide additional updates regarding this transaction on our next earnings call. Turning to Slide 11. Our investment outlook remains strong and our projected capital spending through 2028 totals approximately $910,000,000 As previously discussed, there remains additional upside to our capital plan for electric sector modernization projects as we invest in supporting the clean energy transition. Since 2017, our rate base growth has been 7.9% outpacing the midpoint of our long run growth guidance of 6.5% to 8.5%. I'd like to mention the great progress that has been made at our Kingston Solar Facility. Speaker 300:14:48In August, site work was completed and facility construction commenced. We expect that the project will be placed in service during the Q2 of 2025. We will seek regulatory recovery upon completion and continue to look for opportunities that provide similar benefits to customers. Consistent with prior years, we anticipate providing an update to our investment plan during the Q4 earnings call. Moving to Slide 12, our balance sheet is strong and we anticipate that operating cash flows less dividends will fund the majority of our investment plan with additional financing obtained from a mix of debt and equity. Speaker 300:15:31Maintaining our strong balance sheet and investment grade credit ratings is key to our financing strategy and we believe our low risk cash flow generation compares favorably to our peers. In August, we successfully closed on $135,000,000 of long term debt at competitive rates across Unitil Corporation and all of our utility subsidiaries. These transactions recapitalized our short term debt balance and reduced interest rate volatility. I'll now turn the call back over to Tom. Speaker 200:16:07Great. Thanks, Dan. Wrapping up now on Slide 13, with 9 months behind us, we continue to deliver on our commitments. Our capital plan is progressing as planned, regulatory outcomes remain constructive and we are earning our authorized returns. Looking ahead, we offer long term earnings growth aligned with our peers while maintaining a lower risk profile. Speaker 200:16:32We look forward to sharing more information on our strategies, our progress and our investment outlook on the year end earnings call. With that, I'll turn the call back to Todd. Speaker 100:16:42Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I will now turn the call over to the operator who will coordinate questions. Operator00:16:52Thank you. And I'm not showing any further questions at this time. This concludes the conference. One question, one moment. Our first question comes from Shelby Tucker with RBC. Operator00:17:28You may proceed. Speaker 400:17:29Yes, good morning. Thank you. Just wanted to maybe break down a bit more the capital spending program by asset class between electric and gas. And then also as you think about some of the policies that the states have been pursuing in your territories, Where do you see the trend going between those 2 asset classes? Thank you. Speaker 200:17:54I mean, I can hi Shelby, this is Tom. I can probably take the second part of the question. I'm not sure I have the breakdown. But in terms of state policies, I mean, clearly we're seeing a big shift, I think, toward electric from gas. That's especially notable in Massachusetts in particular. Speaker 200:18:15Grid modernization continues to be a topic, even in New Hampshire. So we're seeing more of our spend geared towards electric than gas. That will be especially true as we start to finish up some of our pipeline replacement programs on the gas side. So I think as you know, we completed New Hampshire some years ago and this year we will complete Maine. So our system will be entirely modernized in Maine. Speaker 200:18:41And realistically much of our replacement in Massachusetts will be completed during the next 5 year time period. So I think we do see more of our capital investment outlook shifting over to the electric side. So I'll let Dan provide any color on the breakdown. Speaker 300:18:57Yes, Sylvia. I'd agree with Tom. I think when you look at the trend, it will probably more moving more towards the mix of electric relative to the current mix. We're probably about 2 thirds gas, 1 third electric for rate base. So the current the short term capital plan prior flex that a little bit. Speaker 300:19:14There's probably somewhere in the neighborhood of 15% to 25% growth versus maintenance capital embedded in that plan. And when you think about Massachusetts, we have that natural hedge of gas and electric customer base in that state. So as we support the electric sector modernization plan, which we referenced, that may lend itself to a little bit more investment for the electric side in Massachusetts. Speaker 400:19:40So if we think about the 6.5% to 8.5% rate base growth target, as newer policies come out, is that additive to that number or is do you anticipate some offsets to keep it in that 6.5% to 8.5%? Speaker 300:20:01Yes. I think there is some upside, Shelby, to the policies, particularly in Massachusetts. That's a portion of the investments that are included in our electric sector modernization plan are included in that $910,000,000 capital plan through 2028, but a portion are not. So there is definitely upside to the plan for those types of investments. Speaker 200:20:23Great. Probably also worth mentioning that it does not include any upside related to Bangor Natural Gas. Speaker 400:20:30Sure. Okay. Thank you. Speaker 200:20:35Great. Thank you. Operator00:20:37Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.Read morePowered by