Depreciation and amortization expenses rose by $7.4 million due to higher depreciation rates, increased utility plant, and amortization of storm and deferred costs.
Electric adjusted gross margin for the first half of 2025 was $53.3 million, up 2.5% or $1.3 million, driven by higher distribution rates and customer growth.
For the first six months of 2025, adjusted net income was $33.1 million or $2.03 per share, an increase of $1.6 million or $0.07 per share compared to the same period in 2024.
Gas adjusted gross margin increased 17.1% to $108.1 million for the first half of 2025, reflecting higher rates, customer growth including 8,800 customers from Bangor Natural Gas acquisition, and return to normal winter weather.
Income taxes increased slightly by $0.2 million reflecting higher pretax earnings.
Interest expense increased by $3.7 million due to higher long-term debt and regulatory liabilities, partially offset by lower short-term borrowing costs.
Operation and maintenance expenses increased by $7.1 million, including $1.7 million related to Bangor Natural Gas and $2.2 million in transaction costs (excluded from adjusted earnings).
Other expenses decreased by $1 million due to lower retirement benefit costs.
Unitil reported adjusted net income of $4.7 million and adjusted earnings of $0.29 per share for Q2 2025, up $0.4 million and $0.02 per share from Q2 2024.
Adjusted EBITDA, excluding restructuring and noncash charges, was $16.4 million in Q2 2025 versus $5 million in Q2 2024.
Capital expenditures were $11 million in Q2, with an expected $10 million for the remainder of 2025 excluding fully financed carbon capture equipment.
Depreciation and amortization were $27.6 million, including a $3.1 million impairment related to closure of a noncore feed business.
Green Plains reported a net loss of $72.2 million or $1.09 per share in Q2 2025, compared to a loss of $24.4 million or $0.38 per share in Q2 2024.
Interest expense increased by $6.4 million to $13.9 million due to accounting treatment of warrants and absence of capitalized interest.
Liquidity at quarter end included $152.7 million in cash and equivalents, $258.5 million revolver availability, and $93.3 million unrestricted liquidity.
Revenue for Q2 2025 was $552.8 million, down 10.7% year-over-year due to exiting ethanol marketing for Tharaldson and placing Fairmont ethanol asset on care and maintenance.
SG&A expenses improved by $6.3 million year-over-year to $27.6 million and are on track to exit 2025 at low $40 million run rate for corporate and trade SG&A.
The results included $44.9 million in noncash charges related to sale or impairment of noncore assets and $2.5 million in one-time restructuring charges.
Dafinchi