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Dec 31, 2024
Chesapeake Utilities Q4 2024 Earnings Report
Chesapeake Utilities reported a significant increase in net income and operating income for Q4 2024, driven by contributions from the acquisition of Florida City Gas, increased virtual pipeline services, and incremental margin from regulated infrastructure programs.
Key Takeaways
Chesapeake Utilities Corporation reported strong financial results for the fourth quarter of 2024, with net income increasing to $36.7 million and operating income rising to $66.9 million. Adjusted EPS for the quarter was $1.63. The company's performance was significantly boosted by the acquisition of Florida City Gas and various regulatory and infrastructure initiatives.
Net income for Q4 2024 was $36.7 million, up from $25.3 million in Q4 2023.
Adjusted EPS for Q4 2024 was $1.63, compared to $1.64 in Q4 2023.
Operating income for Q4 2024 increased by $19.6 million, or 41.4%, to $66.9 million.
Adjusted gross margin for Q4 2024 increased by $23.9 million, or 18.3%, to $154.2 million.
Chesapeake Utilities
Chesapeake Utilities
Chesapeake Utilities Revenue by Segment
Chesapeake Utilities Revenue by Geographic Location
Revenue by Segment
Regulated Energy Revenue
CapyFin.comUnregulated Energy Revenue
CapyFin.comOther Businesses and Eliminations Revenue
CapyFin.comRevenue by Geographic Location
Delmarva Natural Gas Distribution Revenue
CapyFin.comFlorida Natural Gas Distribution Revenue
CapyFin.comFlorida City Gas Distribution Revenue
CapyFin.comFPU Electric Distribution Revenue
CapyFin.com Forward Guidance
Chesapeake Utilities Corporation reaffirmed its EPS guidance for 2025 and 2028, projecting continued growth and significant capital expenditures to support expansion and infrastructure improvements.
Positive Outlook
- Reaffirmed 2025 EPS guidance range of $6.15 to $6.35 per share.
- Reaffirmed 2028 EPS guidance range of $7.75 to $8.00 per share, implying an annual EPS growth rate of approximately 8% from 2025 guidance.
- Reaffirmed five-year capital expenditure guidance for the period ended 2028 of $1.5 billion to $1.8 billion.
- Projects capital expenditures of $325 million to $375 million for 2025.
- Ongoing pipeline expansions and regulatory initiatives are expected to contribute to future growth.
Challenges Ahead
- The outcome of the FCG depreciation study application is subject to review and approval by the Florida PSC.
- The outcome of the Maryland Natural Gas Rate Case application is subject to review and approval by the Maryland PSC.
- The outcome of the Delaware Natural Gas Rate Case application is subject to review and approval by the Delaware PSC.
- The outcome of the FPU Electric Rate Case application is subject to review and approval by the Florida PSC.
- Capital expenditure projection is subject to continuous review and modification, and actual capital requirements may vary due to factors like economic conditions, supply chain disruptions, and capital delays.
Revenue & Expenses
Visualization of income flow from segment revenue to net income