- Year-to-date earnings increased to $3.04 per share from $2.75, an increase of $0.29 or 10.5 percent, compared to the prior year
- Earnings per share (“EPS”)* was $0.96 for the second quarter of 2022, an increase of $0.18, compared to $0.78 for the second quarter of 2021
- Included in the second quarter results was a one-time gain of $1.9 million or $0.08 in EPS related to a building sale
- Performance in the first half of 2022 was driven by the acquisition of Diversified Energy, pipeline expansions, natural gas organic growth, regulatory initiatives and higher earnings in the Company’s unregulated businesses during the first half of the year
- Commenced delivery of natural gas to meet customer demand in Somerset County, Maryland and further economic development
- The Company’s Delmarva natural gas distribution operations surpassed 100,000 customers during the second quarter of 2022
- Continued focus on organic growth and expansion projects as well as ESG initiatives, including renewable energy opportunities to further enhance sustainability in our local communities
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the three and six months ended June 30, 2022.
For the first half of 2022, net income was $54.0 million compared to $48.3 million for the same period in 2021. EPS for the first half of 2022 was $3.04 per share compared to $2.75 per share reported in the same prior-year period, representing growth of 10.5 percent. Included in these results, was a one-time gain of $1.9 million associated with a property sale.
The Company’s net income for the quarter ended June 30, 2022 was $17.1 million, compared to $13.8 million reported in the same quarter of 2021. Diluted EPS in the quarter was $0.96, a 23.1 percent increase compared to $0.78 reported in the same prior-year period. Included in these results, was the one-time gain of $1.9 million referenced above.
Higher second quarter earnings were driven by contributions from natural gas transmission pipeline expansions, improved profitability in the Company’s propane distribution business, regulated infrastructure programs, organic growth in the Company’s natural gas distribution businesses, increased customer consumption and increased performance in the Company’s other unregulated businesses. These increases were partially offset by higher interest expense resulting from interest rate increases impacting the Company’s short-term borrowings.
« Return to Newsroom Print or Save as PDF
