HAMPTON — Unitil Corp. on Thursday announced net income for the third quarter decreased 18 percent over last year, in part due to a milder summer.
The net income of $2.3 million, or 15 cents per share, decreased $500,000, from 2018’s third quarter.
Earnings for the company’s utility operations were net income of $23 million, or $1.54 per share, for the first nine months of 2019, an increase of $1 million in net income, or 5 cents per share, compared with the first nine months of 2018.
The company’s earnings in the first nine months of 2019 were driven by higher natural gas and electric sales margins as well as customer growth.
“Our third quarter results reflect milder summer weather in 2019 but we continue to see solid customer growth,” said Thomas P. Meissner Jr., Unitil’s chairman and CEO, in a statement. “We are positioned well to continue this growth for the foreseeable future.”
Unitil Corp. is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 105,600 electric customers and 82,700 natural gas customers.