Unitil reports year-end earnings

Hampton, n.h., feb. 02, 2021 (globe newswire) -- unitil corporation (nyse: utl) (www.unitil.com) today announced net income of $32.2 million, or $2.15 in earnings per share, for the year ended december 31, 2020, a decrease of $12.0 million, or $0.82 per share, compared to 2019. in the first quarter of 2019, the company recognized a one-time net gain of $9.8 million, or $0.66 per share, on the company's divestiture of its non-regulated business subsidiary, usource. the company's earnings in 2020 reflect higher gas and electric sales margins and higher operating expenses. the company estimates that warmer than normal weather negatively affected net income by approximately $3.1 million, or $0.20 per share, in 2020. additionally, the company estimates that the coronavirus pandemic negatively affected net income by approximately $1.4 million, or $0.09 per share, in 2020. the company's gaap gas and electric gross margins were $92.8 million and $69.1 million, respectively, for 2020 including the impact on margins of the covid-19 pandemic.
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