- Earnings Per Share (“EPS”)* increased to $4.73 in 2021 from $4.26 in 2020
- EPS from continuing operations increased to a record $4.73 in 2021, up 12.4 percent compared to $4.21 in 2020 – marks 15th consecutive year of earnings growth
- Return on Equity in 2021 of 11.3 percent – marks 17th consecutive year with ROE at or above 11 percent
- Year-over-year growth driven by pipeline expansions, natural gas organic growth, regulatory initiatives, margin growth in the Company’s unregulated businesses and the impact from recent acquisitions (including the acquisition of Diversified Energy’s propane assets, expanding our service footprint into the Carolinas)
- First Renewable Natural Gas project, a pipeline expansion in Ohio, completed and now in service
- First sustainability financing issued to support capital investments in clean energy delivery solutions
- Long-term earnings and capital expenditures guidance reaffirmed, with newly announced capital expenditure guidance of $175.0 million to $200.0 million for 2022
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced financial results for the year and the fourth quarter ended December 31, 2021.
For 2021, net income was $83.5 million, or $4.73 per share compared to $71.5 million, or $4.26 per share for 2020. Net income from continuing operations for the year was $83.5 million, an increase of 18.3 percent compared to $70.6 million reported in 2020. Diluted earnings per share from continuing operations for 2021 were $4.73, a 12.4 percent increase compared to $4.21 reported in 2020.
In the fourth quarter of 2021, the Company’s net income from continuing operations was $22.7 million, compared to $21.7 million, in the same quarter of 2020. Diluted earnings per share from continuing operations in the quarter were $1.28, a 3.2 percent increase compared to $1.24 reported in the same quarter of 2020.
Higher earnings in the fourth quarter were driven by natural gas distribution and transmission pipeline expansions, organic growth in the Company’s natural gas businesses, contributions from the acquisitions of Elkton Gas Company, (“Elkton Gas”), Western Natural Gas Company (“Western Natural Gas”), the natural gas metering station located in Escambia County, Florida (the “Escambia Meter Station”) which was acquired by our subsidiary, Peninsula Pipeline Company (“Peninsula Pipeline”), and the propane assets of Diversified Energy Company (“Diversified Energy”) as well as improved profitability in the Company’s propane distribution business. Partially offsetting this growth was lower consumption in the fourth quarter due to warmer weather in the Company’s northern service territories compared to the same period in 2020.
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