Why Invest In CPK?
With many opportunities for long-term growth, the Company is focused on generating increased shareholder value well into the future. When making an investment decision, investors consider past performance, present initiatives and potential future opportunities for growth. Chesapeake Utilities Corporation doubled in size twice in the 10 years since the 2009 acquisition of Florida Public Utilities (FPU). Our projections in 2019 indicated that we could double again by the end of 2023; and we did. At our current rate, there is a distinct possibility of repeating that level of growth over the next several years, all while continuing to prioritize safety, business transformation, employee engagement and environmental stewardship. Chesapeake Utilities Corporation’s strong performance demonstrates our employees’ continuous collaboration and relentless focus to deliver essential services with safety at the forefront every day.
As a trusted and responsible energy provider, Chesapeake Utilities is built upon a legacy of caring and is committed to making positive contributions to the economic prosperity and sustainability of our communities. Our employees collaborate across our businesses to understand customers’ challenges, identify innovative solutions and pursue growth opportunities within our existing businesses as well as in new markets. Within this process, we adhere to a disciplined business approach as we expand our energy services and extend our geographic footprint, providing customers with multiple energy solutions.
$1.9BInvested in capital expenditures2019-2023
$1.5-1.8Bcapital expenditures guidance 2024-2028
“We have a great team. We all embrace and foster the unique Chesapeake Utilities culture. Our culture is grounded in a solid foundation of regulated businesses, but enhanced by an entrepreneurial, innovative and competitive market mindset applied to everything we do. It’s been a successful combination – an intentional strategy.”
– Jeff Householder, Chair Of The Board, President and CEO
Looking to the Future
Over the last five years, we’ve invested $1.9 billion in capital expenditures, encompassing both organic growth and acquisitions. We do not expect to slow down any time soon. We anticipate substantial capital investment associated with our latest acquisition, FCG, over the next five years — approximately $500 million. Our capital expenditure guidance for 2024-2028 stands at $1.5 billion to $1.8 billion, marking a 65% increase from our previous guidance updated in February 2023.
2023 Year in Review
Continuing to Strengthen Shareholder Returns
$5.31
adjusted diluted EPS for 2023, reflecting 5% growth over 2022, and marking the 17th consecutive year of record earnings for the Company.*
*In adjusted diluted EPS
$33.9M
adjusted gross margin increase in 2023, representing an 8.1% growth compared to 2022 and marking one of the highest annual increases in our history.
50.2%
operating expenses as a percentage of adjusted gross margin in 2023, a lower percentage than the five-year average (2018-2022), despite the FCG acquisition.
65%
increase in capital expenditure guidance, from $900 million to $1.1 billion (2021-2025) to $1.5 billion to $1.8 billion for the five years ended 2028.
$211M
invested in capital expenditures in 2023, with the Company investing $1.9 billion in new capital investments over the last five years.
$3.3B
in total assets at December 31, 2023, an increase of approximately 50% over 2022.
Total Shareholder Return over the last 5-year period was at the 100th percentile among our peer group.
Embracing Transformation
In 2019, our Company launched a multiyear business transformation initiative aimed at boosting growth and operational efficiency through simplification, standardization, collaboration and automation. As we pursue our growth goals, we prioritize fostering a cohesive one-Company culture based on these principles.
Our Commitment to Safety
Safety has always been a top priority for our Company. We are proud of our long record of safe operations and have consistently earned national safety awards. They represent our commitment to protecting our employees, customers and communities.
Enriching Our Company Culture
Fostering a culture that attracts, nurtures and retains highly engaged employees is the driving force behind our continued success. It is critical to our mission that every individual understands how their role contributes to Chesapeake Utilities’ strategic objectives. We have taken several steps to assess engagement levels and enhance the employee experience.
News and Press Releases
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500 Energy Lane
Dover, Delaware 19901
Chesapeake Utilities Corporation (“Chesapeake Utilities”) is a diversified energy delivery company listed on the New York Stock Exchange under the ticker symbol “CPK” (NYSE:CPK). Chesapeake Utilities is not, nor has it ever been, affiliated with Chesapeake Energy Corporation.