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Mar 31, 2025
Chesapeake Utilities Q1 2025 Earnings Report
Chesapeake Utilities reported an increase in net income and operating income for the first quarter of 2025, driven by higher adjusted gross margins from regulated and unregulated energy segments.
Key Takeaways
Chesapeake Utilities Corporation reported a net income of $50.9 million for the first quarter of 2025, an increase from $46.2 million in the same period last year. Operating income also rose to $86.8 million from $79.6 million. Total operating revenues reached $298.7 million, up from $245.7 million, primarily due to increased customer consumption and growth in natural gas distribution businesses.
Net income increased by $4.7 million to $50.9 million in Q1 2025 compared to Q1 2024.
Operating income grew by $7.2 million to $86.8 million in Q1 2025.
Total operating revenues increased by $53.0 million to $298.7 million in Q1 2025.
Adjusted gross margin saw a significant increase of $17.9 million, reaching $182.4 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chesapeake Utilities anticipates continued growth through strategic investments in regulated energy infrastructure and expansion into renewable natural gas projects. The company expects to generate additional adjusted gross margin from ongoing projects and regulatory initiatives.
Positive Outlook
- Wildlight Expansion is expected to contribute approximately $3.0 million in adjusted gross margin in 2025 and $4.3 million annually thereafter.
- Newberry Expansion is projected to contribute approximately $2.6 million in adjusted gross margin in 2025 and annually thereafter.
- Worcester Resiliency Upgrade is expected to contribute approximately $9.1 million in adjusted gross margin in 2026.
- East Coast Reinforcement Projects are projected to contribute approximately $4.7 million in adjusted gross margin in 2025 and $6.0 million annually thereafter.
- Renewable Natural Gas Supply Projects are projected to generate total adjusted gross margin of approximately $4.5 million in 2025 and $6.7 million annually thereafter.
Challenges Ahead
- The timing of capital expenditures can vary based on delays in regulatory approvals, securing environmental approvals, and other permits.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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