Chesapeake Utilities ( (CPK) ) has released its Q3 earnings. Here is a breakdown of the information Chesapeake Utilities presented to its investors.
Chesapeake Utilities Corporation is a diversified energy delivery company engaged in natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, and related services across regulated and unregulated sectors.
In its third-quarter 2024 earnings report, Chesapeake Utilities reported a significant rise in net income to $17.5 million, translating to $0.78 per share, up from $9.4 million or $0.53 per share in the same quarter of 2023. The company’s adjusted net income for the quarter also saw a notable increase, reaching $18.1 million or $0.80 per share.
Key contributors to this growth included the acquisition of Florida City Gas (FCG), increased margins from regulated infrastructure programs, and expanded virtual pipeline services. The company also reported a 29.1% increase in adjusted gross margin for the quarter, primarily driven by FCG’s contributions and expanded customer consumption. Management reaffirmed its 2024 EPS guidance range of $5.33 to $5.45, citing the positive impacts of ongoing regulatory initiatives and strategic capital investments.
Looking ahead, Chesapeake Utilities remains confident in its strategic direction, with plans to continue leveraging its recent acquisitions and infrastructure projects to drive growth. The company’s robust capital investment program, with a guidance range of $300 million to $360 million for 2024, underpins its commitment to enhancing shareholder value and expanding its market footprint.
