Unitil Corp. reported fourth-quarter 2017 net income of $11.2 million, or 79 cents per share, compared with $10.2 million, or 73 cents per share, for the same period of 2016.
Fourth-quarter natural gas revenues were up to $62.1 million in 2017 from $57.1 million in 2016, with gas sales margin increasing $2.5 million year over year to $34.4 million, from $31.9 in the corresponding quarter of 2016, due to higher distribution rates, colder weather conditions and customer growth.
Electric revenues increased $6.1 million year over year to $51.8 million from $45.7 million in the fourth quarter of 2016. Electric sales margin was flat at $22.1 million year over year, results released Feb. 1 showed.
Revenues for Usource, the company's nonregulated energy brokering business, were unchanged at $1.5 million.
For the full year, Unitil's 2017 net income grew to $29.0 million, or $2.06 per share, compared with $27.1 million, or $1.94 per share, in 2016. The 7% year-over-year increase was attributed to higher gas and electric sales margins and increase in customer base.
"We grew our customer base by an additional 2,100 customers and continue to make significant investments to upgrade and expand our natural gas and electric distribution systems to cost-effectively meet our customers' growing energy needs," Chairman and CEO Robert Schoenberger said in the company's earnings release.
The company's operating revenue for 2017 was $406.2 million, compared with $383.4 million in 2016, while operating income increased to $69.7 million from $65.3 million in 2016, according to the company's Form 10-K filing.
Unitil will pay an increased quarterly common dividend of 36.5 cents per share on Feb. 28 to shareholders of record Feb. 14.
