- Earnings per share (“EPS”)* was $0.56 for the third quarter of 2020 compared to $0.34 for the third quarter of 2019
- Year-to-date EPS increased to $2.97 from $2.59, for the prior year period
- Third quarter and year-to-date EPS from continuing operations increased $0.18 and $0.29, respectively, over the corresponding periods in 2019
- In September 2020, the Florida Public Service Commission approved a settlement agreement regarding final cost recovery and rates associated with Hurricane Michael, which generated $2.9 million in incremental year-to-date earnings
- Strong performance for the first nine months of 2020 driven by continued growth in the Company’s businesses, the addition of the Boulden and Elkton Gas acquisitions, expense management and gains from two property sales overcame milder weather and the net impact of COVID-19
- Milder weather reduced 2020 year-to-date earnings by $2.2 million, or $0.14 per share, compared to the same period of 2019
- Through September 2020, the COVID-19 pandemic has reduced net income by $1.9 million or $0.12 per share
- An At-The-Market (“ATM”) equity program was established to issue new equity as the Company continues to manage its capital structure
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the third quarter of 2020. The Company’s net income for the quarter ended September 30, 2020 was $9.3 million, or $0.56 per share, compared to $5.6 million or $0.34 per share, for the same quarter of 2019. Net income for the nine months ended September 30, 2020 was $49.1 million, or $2.97 per share, compared to $42.6 million, or $2.59 per share, for the same period in 2019, representing an increase of 14.7 percent. In terms of continuing operations, the Company’s EPS for the quarter ended September 30, 2020 totaled $0.56 per share, an increase of $0.18 per share over the same quarter of 2019. For the nine months ended September 30, 2020, EPS from continuing operations totaled $2.96 per share, an increase of $0.29 per share or 10.9 percent, over the same period in 2019.
Earnings for the third quarter of 2020 reflect increased earnings from the approval of the Hurricane Michael regulatory settlement by the Florida Public Service Commission (“PSC”), pipeline expansion projects, organic growth in the natural gas distribution operations and increased margin from Marlin Gas Services, LLC (“Marlin Gas Services”). These increases were offset by lower customer consumption driven primarily by weather and the unfavorable net impact of the coronavirus (“COVID-19”) pandemic.
Year-to-date earnings were impacted by the factors noted above as well as higher retail propane margins, and contributions from the acquisitions of Boulden, Inc. (“Boulden”) and Elkton Gas Company (“Elkton Gas”) and by gains from two property sales totaling $2.3 million on an after tax basis. The property sales were made possible due to changes in the consolidation of certain operations.
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