Unitil Corporation (UTL) swung to a net profit for the quarter ended Jun. 30, 2014. The company made a net profit of $1.10 million or $0.08 a share in the second-quarter against a loss of $0.10 million or $0.01 a share in the last year period. Analysts on average had predicted net income of $0.01 a share.
Revenue during the second-quarter grew 10.39 percent to $73.30 million from $66.40 million in the last year period.
The company posted operating income of $7.10 million, compared with operating income of $4.50 million in the previous year period.
''The company had an excellent second quarter and first half of the year,'' said Robert G. Schoenberger, Unitil's chairman and chief executive officer. ''These results reflect increases in revenue from recent rate cases and our robust gas expansion program. Given the demand for natural gas, including in many communities currently without gas service, we expect this growth to continue for years to come.''
Cash Flow
Unitil Corp has generated cash of $63.60 million from operating activities during the first half, down 9.53 percent or $6.70 million when compared with the last year period. The company has generated 27.72 cents of operating cash flow in every sales dollar for the first half, down from 38.08 cents in the same period last year.
The company has spent $29.10 million cash to meet investing activities during the first half, as against cash outgo of $37 million in the last year period. It has made net capital expenditure of $29.10 million during the first half, which was lower by 21.35 percent or $7.90 million, from a year ago.
The company's free cash flow accounted for 54.25 percent of operating cash flow for the first half, compared with 47.37 percent in the last year period.
The company has spent $31.90 million cash to meet financing activities during the first half, as against cash outgo of $36 million in the last year period. It has made net repayment of $20.70 million debt during the first half. It has raised net of $0.60 million by selling common stocks.
The company's cash dividend payment increased 1.05 percent or $0.10 million to $9.60 million.
As on Jun. 30, 2014, the company's cash balance stood at $12 million, up 69.01 percent or $4.90 million from Jun. 30, 2013.
Working Capital
Unitil Corp has witnessed a decline in the working capital over the last one year. The company's working capital stood at $11.30 million as at Jun. 30, 2014, down $3.70 million or 24.67 percent from $15 million on Jun. 30, 2013. It registered a decrease in current ratio to 1.11 as at Jun. 30, 2014 from 1.17 on Jun. 30, 2013.
Debt Position
Unitil Corp has witnessed an increase in the total debt over the last one year. As on Jun. 30, 2014, total debt stood at $327.70 million, up 5 percent or $15.60 million, from Jun. 30, 2013.
The company's total debt was 36.39 percent of total assets as on Jun. 30, 2014, compared with 35.70 percent on Jun. 30, 2013. The company's debt to equity ratio remained almost stable at 1.21 as on Jun. 30, 2014, when compared with the last year period.
Shares of Unitil Corp declined $0.51 or 1.54 percent to settle at $32.51 on Thursday.
