Net income up for Unitil in Q2
Net income for Hampton, N.H.-based utility company Unitil Corp. increased by $1.2 million, or 9 cents per share, in the second quarter, compared with 2013.
Meanwhile, the company, which serves Fitchburg, Ashby, Lunenberg and Townsend, saw its net income jump 28 percent for the six months ending June 30, or $13.7 million. The increases were driven by higher natural gas and electricity sales and margins, according to an earnings statement, which CEO Robert Schoenberger attributed, in part, to rate cases that allowed the company to increase rates, as well as Unitil’s “robust gas expansion program.”
Schoenberger said in a statement the company expects natural gas sales growth to continue for years, given the high demand for natural gas, particularly in communities that don’t have gas service. In the second quarter, natural gas sales margins were $16.3 million, up $2.9 million from 2013. Meanwhile, electric sales margins were up $1 million over last year, at $18.9 million.
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