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Sep 30, 2024
Chesapeake Utilities Q3 2024 Earnings Report
Chesapeake Utilities reported strong financial results driven by the acquisition of Florida City Gas, regulatory initiatives, and organic growth.
Key Takeaways
Chesapeake Utilities Corporation reported net income of $17.5 million, or $0.78 per share, for the third quarter of 2024. Adjusted net income was $18.1 million, or $0.80 per share, up 16% compared to the prior-year period. The results were driven by contributions from Florida City Gas, regulated infrastructure programs, pipeline expansion projects, and natural gas distribution businesses growth.
Net income was $17.5 million and EPS was $0.78 for Q3 2024.
Adjusted net income was $18.1 million and Adjusted EPS was $0.80 for Q3 2024, excluding FCG transaction and transition-related expenses.
Adjusted gross margin growth of $89.3 million driven by FCG, regulatory initiatives, infrastructure programs, natural gas organic growth, pipeline expansion projects, and additional customer consumption.
The Company continues to affirm 2024 EPS and capital guidance.
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 its capital expenditure guidance of $300 million to $360 million.
Positive Outlook
- Incremental margin opportunities present 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