- Net income and earnings per share (“EPS”)* were $118.6 million and $5.26, respectively, for the full year 2024, and $36.7 million and $1.60, respectively, for the fourth quarter of 2024
- Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition of Florida City Gas (“FCG”), were $121.5 million and $5.39, respectively, for the full year 2024, and $37.3 million and $1.63, respectively, for the fourth quarter of 2024
- Adjusted gross margin** increased by $113.3 million during the year driven by contributions from FCG, regulatory initiatives and infrastructure programs, natural gas organic growth, continued pipeline expansion projects, and increased demand for virtual pipeline services
- Achieved earnings guidance while accelerating return to target capital structure range; equity to total capitalization reaches 48.4 percent at December 31, 2024
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, 2024.
For 2024, net income was $118.6 million ($5.26 per share) compared to $87.2 million ($4.73 per share) in 2023. Excluding transaction and transition-related expenses related to the acquisition of FCG, adjusted net income** was $121.5 million ($5.39 per share) compared to $97.8 million ($5.31 per share) in 2023.
The increase in 2024 earnings was driven by incremental contributions from FCG, additional margin from regulatory initiatives and infrastructure programs, growth in the Company’s natural gas distribution businesses, continued pipeline expansion projects to support distribution growth, and increased virtual pipeline services. The financing impacts of the FCG acquisition, including increased interest expense related to debt issued and additional shares outstanding, partially offset the increases.
In the fourth quarter of 2024, the Company’s net income was $36.7 million ($1.60 per share) compared to $25.3 million ($1.26 per share) during the prior-year period. Excluding the transaction and transition-related expenses, adjusted net income was $37.3 million ($1.63 per share) compared to $33.0 million ($1.64 per share) reported in the fourth quarter of 2023.
Earnings for the fourth quarter of 2024 were primarily impacted by the factors discussed for the full year.
“2024 has been a transformational year for Chesapeake Utilities – we started the year focused on integrating Florida City Gas and ended the year with substantial progress toward capitalizing on this acquisition as well as expanding opportunities in our legacy operations. We’ve made significant progress this year, including investing in our new and existing service areas, collaborating with our regulators and ensuring continuous business improvement to meet the needs of our customers and our growing organization,” said Jeff Householder, the Company’s Chair of the Board, President and Chief Executive Officer.
