Financial & Corporate News
Chesapeake Utilities Corporation Reports Second Quarter 2024 Results
Net income and earnings per share ("EPS")* were $18.3 million and $0.82, respectively, for the second quarter of 2024, and $64.4 million and $2.89, respectively, for the six months ended June 30, 2024 Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), were $19.3 million and $0.86, respectively, for the second quarter of 2024 and $66.1 million and $2.96, respectively, for the six months ended June 30, 2024 Adjusted gross margin** growth of $61.8 million during the first half of 2024 driven by contributions from FCG, natural gas [...]
Chesapeake Utilities Corporation Reports First Quarter 2024 Results
Earnings per share ("EPS")* for the first quarter of 2024 was $2.07 compared to $2.04 per share for the first quarter of 2023 Adjusted EPS** for the first quarter of 2024, which excludes transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), increased by three percent to $2.10 compared to $2.04 per share for the first quarter of 2023 Adjusted gross margin** growth of $35.0 million during the first quarter driven by contributions from FCG, natural gas organic growth and continued pipeline expansion projects, additional customer consumption, and regulatory initiatives Completed filings for seven [...]
Chesapeake Utilities Corporation Raises Dividend by 8.5 Percent
Dover, Delaware – At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company’s common stock from $0.59 per share to $0.64 per share. The Board’s action raises the 2024 annualized dividend by $0.20 from $2.36 to $2.56 per share, an 8.5 percent increase. The $0.64 per share dividend will be payable July 5, 2024 to all shareholders of record at the close of business on June 14, 2024. “The Board’s decision to increase the annualized dividend rate reflects their continued confidence in our growth strategy, including [...]
Chesapeake Utilities Corporation Reports Fiscal Year 2023 Results
Full Year 2023 earnings per share ("EPS")* was $4.73, including transaction-related expenses attributable to the acquisition of Florida City Gas ("FCG") of $0.58 per share, compared to $5.04 per share in 2022 Adjusted EPS**, which excludes the transaction-related expenses, was $5.31 for the year ended 2023, or an increase of 5.4 percent over 2022 EPS for the fourth quarter of 2023 was $1.26, including transaction-related expenses of $0.38 per share, versus $1.47 per share for the fourth quarter of 2022 Adjusted EPS** for the fourth quarter of 2023 increased by 12 percent to $1.64 compared to the fourth quarter [...]
Chesapeake Utilities Corporation to Acquire Florida City Gas
Transformative acquisition more than doubles operations in high-growth Florida service areas Positions CPK to execute on additional growth opportunities in regulated and unregulated businesses Supports long-term earnings and dividend growth; increases capital investment plan; financing plan maintains strong balance sheet DOVER, Del. - Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or “the Company”) today announced it has entered into a definitive agreement to acquire Florida City Gas (“FCG”) from NextEra Energy, Inc. (NYSE: NEE) for $923 million in cash. Upon closing of the transaction, which is expected to occur by the end of the fourth quarter of 2023, FCG will [...]
Chesapeake Utilities to Host its Second Quarter 2023 Earnings Conference Call and Webcast on August 4, 2023
DOVER, Del. – Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, August 4, 2023, at 8:30 a.m. ET to discuss the Company’s financial results for the second quarter ended June 30, 2023. The earnings press release will be issued on Thursday, August 3, 2023, after market close. To listen to the Company’s conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information below. [...]
Chesapeake Utilities Corporation Partners with SAP and IBM to Improve Customer Experience
New Customer Information System Platform Offers Best-in-Class Technology Solution DOVER, Del. – Chesapeake Utilities Corporation (NYSE: CPK) today announced that it has partnered with both SAP and IBM to implement a new customer solution, replacing and consolidating its two legacy billing systems. The platform will allow Chesapeake Utilities to better serve its existing customers and enhance its capabilities to support growth, enabling the Company to onboard new customers and future acquisitions more quickly and easily. “Our Company has identified five organizational imperatives that are key to our future success: safety, team, service, improve and grow,” said Jeff Householder, president and [...]
Chesapeake Utilities Corporation Publishes 2022 Sustainability Report
Advancements in environmental stewardship, engagement and governance DOVER, Del. – Chesapeake Utilities Corporation (NYSE: CPK) today released its 2022 Sustainability Report, which highlights the Company’s progress on environmental sustainability goals; investment in employee and community engagement; and excellence in corporate governance. "We believe the energy transition presents additional growth opportunities for Chesapeake Utilities Corporation, and we continue to be transparent about our commitments and progress in the areas of environmental stewardship, employee and community engagement and corporate governance,” said Jeff Householder, president and chief executive officer. “Our continued advancements in regards to these commitments is a testament to the work [...]
Chesapeake Utilities Corporation Board of Directors Appoints Jeffry M. Householder as Chair of the Board and Thomas J. Bresnan as Independent Lead Director GalleryChesapeake Utilities Corporation Board of Directors Appoints Jeffry M. Householder as Chair of the Board and Thomas J. Bresnan as Independent Lead Director
Chesapeake Utilities Corporation Board of Directors Appoints Jeffry M. Householder as Chair of the Board and Thomas J. Bresnan as Independent Lead Director
Retiring Directors John R. Schimkaitis, Calvert A. Morgan, Jr., and Dianna F. Morgan Honored DOVER, Del. – Chesapeake Utilities Corporation (NYSE: CPK) announces that the Board of Directors appointed Jeffry M. Householder, the Company’s president and chief executive officer, as chair of the Board and Thomas J. Bresnan as the independent lead director of the Board, effective May 3. Bresnan has served as an independent director of the Company since 2001, chair of the audit committee since 2004, and a member of the investment committee since 2016. Householder succeeds John R. Schimkaitis, who has served as a director since [...]
CHESAPEAKE UTILITIES CORPORATION REPORTS FIRST QUARTER 2023 RESULTS
Earnings per share ("EPS")* was $2.04 for the first quarter of 2023, compared to $2.08 for the first quarter of 2022 Customer consumption was significantly impacted by historically warmer temperatures during the first quarter of 2023, generating a $0.29 reduction in EPS Offsetting lower consumption, adjusted gross margin growth was driven by regulatory initiatives, natural gas organic growth, increased demand for CNG, RNG and LNG services and continued pipeline expansion projects Obtained Final Rate Order for the Florida natural gas base rate case with new permanent rates effective in March 2023 Reiteration of long-term earnings and capital expenditures guidance, [...]
Chesapeake Utilities Corporation Raises Dividend by 10.3 Percent
Dover, Delaware – At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company’s common stock from $0.535 per share to $0.59 per share. The Board’s action raises the 2023 annualized dividend by $0.22 from $2.14 to $2.36 per share, a 10.3 percent increase. The $0.59 per share dividend will be payable July 5, 2023 to all shareholders of record at the close of business on June 15, 2023. “In 2022, Chesapeake Utilities celebrated its 16th consecutive year of earnings growth, while navigating through the [...]
Chesapeake Utilities to Host its First Quarter 2023 Earnings Conference Call and Webcast on May 4, 2023
DOVER, Del. – Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Thursday, May 4, 2023, at 8:30 a.m. ET to discuss the Company’s financial results for the first quarter ended March 31, 2023. The earnings press release will be issued on Wednesday, May 3, 2023, after market close. To listen to the Company’s conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information [...]
CHESAPEAKE UTILITIES CORPORATION REPORTS RECORD EARNINGS FOR FISCAL YEAR 2022
Full year 2022 earnings per share ("EPS")* of $5.04, an increase of $0.31 or 6 percent, compared to $4.73 for the prior year EPS of $1.47 in the fourth quarter, an increase of $0.19 or 8 percent compared to $1.28 for the same period in the prior year Average Return on Equity ("ROE") in 2022 of 11.1 percent - marks 18th consecutive year with ROE at or above 11 percent Year-over-year growth driven by pipeline expansions, regulatory initiatives, natural gas organic growth, acquisition contributions, and higher earnings in the Company's unregulated businesses Received approval for the Florida natural gas [...]
Chesapeake Utilities Corporation Announces Quarterly Dividend
Dover, Delaware – At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.535 per share on the Company’s common stock. The $0.535 per share dividend will be paid on April 5, 2023 to all shareholders of record at the close of business on March 15, 2023. Chesapeake has paid dividends to its shareholders without interruption for 62 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation: Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock [...]
Chesapeake Utilities Corporation to Develop its First RNG Facility in Florida
FPU Renewables LLC will construct, own and operate facility at Full Circle Dairy DOVER, Del. – FPU Renewables, LLC today announced plans to construct, own and operate a dairy manure renewable natural gas (RNG) facility at Full Circle Dairy in Madison County, Florida. FPU Renewables and its parent, Florida Public Utilities Company, are subsidiaries of Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities). “Chesapeake Utilities is committed to being a leader in the transition to a lower-carbon future,” said Jeff Householder, president and CEO. “We continue to look for ways to displace more carbon-intensive fuels, and we’re working hard to develop [...]
