Unitil (UTL) FY2021 results: revenue $473 million, up 13.1% on the year

Unitil Corp. (UTL) reported revenue of $473 million for fiscal 2021, the year ended 31 December 2021, up 13.1% on the year before. Net income was $36 million, up 12.1%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 1 February 2022.

Revenue

$473 million

+13.1% on the year

FY2014FY2021

Operating margin

16.4%

17.1% a year earlier

FY2014FY2021

Net income

$36 million

+12.1% on the year

FY2014FY2021

Diluted EPS

$2.35

+9.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	473	419	438	+13.1%
Operating income	77.8	71.4	73.1	+9.0%
Operating margin	16.4%	17.1%	16.7%
Interest expense	27.2	26.4	26.6	+3.0%
Pre-tax income	47.6	42.4	58.0	+12.3%
Income tax	11.5	10.2	13.8	+12.7%
Effective tax rate	24.2%	24.1%	23.8%
Net income	36.1	32.2	44.2	+12.1%
Net margin	7.6%	7.7%	10.1%
Diluted EPS	$2.35	$2.15	$2.97	+9.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	108	75.7	105	+42.4%
Capital expenditure	115	123	119	-6.2%
Free cash flow	-7.2	-46.9	-14.3
Free cash flow margin	-1.5%	-11.2%	-3.3%
Cash from investing	-115	-123	-106
Cash from financing	7.7	47.7	-1.7	-83.9%
Dividends paid	23.6	22.6	22.1	+4.4%
Dividend per share	$1.52	$1.50	$1.48	+1.3%
Diluted shares, weighted	15m	15m	15m	+2.8%
Shares outstanding at period end	16m	15m	15m	+6.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	448	389	377	+15.2%
Short-term borrowings	n/a	n/a	58.6
Debt	570	586	457	-2.8%
Operating lease liabilities	3.1	n/a	2.8
Finance lease liabilities	0.2	n/a	n/a
Other liabilities	518	502	476	+3.2%
Total liabilities and equity	1,540	1,478	1,371	+4.2%
Trading assets	5.7	5.7	5.6	0.0%
Cash and equivalents	6.5	6.0	5.2	+8.3%
Receivables	66.9	62.0	55.1	+7.9%
Other assets	1,461	1,404	1,305	+4.1%
Total assets	1,540	1,478	1,371	+4.2%

10-K for the year ended 31 December 2021, filed 1 February 2022: the filing.