Unitil Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Capital Expenditure Guidance for 2013
For the quarter, the company reported earnings applicable to common shareholders of $9.0 million or $0.66 per share on total sales margin of $45.7 million compared to earnings applicable to common shareholders of $10.0 million or $0.92 per share on total sales margin of $44.2 million reported a year ago. The strong annual growth reflects significant new customer additions, as well as higher natural gas and electric sales margins due to higher distribution rates from recently completed rate cases, despite extremely mild winter weather in 2012 which was the warmest year on record.
For 2013, the company plans to spend about $23 million or 47% of capital budget on expansion of natural gas delivery system, targeting new customers and increased gas sales. The company plans to spend about $49 million on gas construction projects in 2013 which represents an increase of about 13% over 2012. In total, the company have a capital budget of $83 million for 2013, with $49 million or 60% of that being spent on gas operations, $26 million or 30% on electric operations, and the remaining $8 million or 10% on other common additions and improvements.