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Jun 30, 2024
Chesapeake Utilities Q2 2024 Earnings Report
Chesapeake Utilities' Q2 2024 financial performance reflected growth driven by the FCG acquisition, organic growth, and pipeline expansion, offset by financing impacts.
Key Takeaways
Chesapeake Utilities reported a net income of $18.3 million, or $0.82 per share, for the second quarter of 2024, compared to $16.1 million, or $0.90 per share, in the second quarter of 2023. Adjusted net income was $19.3 million, or $0.86 per share, compared to $16.1 million, or $0.90 per share, in the prior-year period. The Company affirmed its 2024 adjusted EPS guidance of $5.33 to $5.45 and capital expenditure guidance of $300 to $360 million.
Net income and EPS were $18.3 million and $0.82, respectively.
Adjusted net income and adjusted EPS were $19.3 million and $0.86, respectively, excluding FCG transaction and transition-related expenses.
Adjusted gross margin growth was $61.8 million during the first half of 2024, driven by FCG, natural gas organic growth, pipeline expansion, and regulatory initiatives.
The Company affirmed 2024 adjusted EPS guidance of $5.33 to $5.45 and capital expenditure guidance of $300 to $360 million.
Chesapeake Utilities
Chesapeake Utilities
Chesapeake Utilities Revenue by Segment
Revenue by Segment
Regulated Energy Revenue
CapyFin.comUnregulated Energy Revenue
CapyFin.com Forward Guidance
The Company continues to affirm its 2024 EPS guidance of $5.33 to $5.45 in adjusted earnings per share and 2024 capital expenditure guidance of $300 million to $360 million. The Company also affirms its capital expenditure guidance for the five-year period ended 2028 that will range from $1.5 billion to $1.8 billion.
Positive Outlook
- Incremental margin opportunities across the Company’s businesses
- Investment opportunities within and surrounding FCG
- Regulatory initiatives
- Operating synergies
- Capital expenditure guidance for the five-year period ended 2028 that will range from $1.5 billion to $1.8 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income