- Year-to-date earnings per share (“EPS”)* of $3.58, an increase of $0.13 or 8 percent, compared to $3.45 in the prior year period
- EPS of $0.54 in the third quarter, with year-over-year growth impacted by one-time, non-recurring items in the third quarter of 2021 and rising interest rates in 2022
- Higher performance during the first nine months of 2022 was driven by pipeline expansions, regulatory initiatives, natural gas organic growth, acquisition contributions, and higher earnings in the Company’s unregulated businesses
- Secured long-term financing of $80 million to support the Company’s capital structure and long-term growth strategy
- Interim rates associated with the Florida Base Rate Proceeding were implemented in September
- Commitment to organic growth, project expansions, regulatory initiatives and business transformation efforts firmly position the Company to better mitigate inflationary pressures and drive long-term growth
- Continued focus on renewable energy initiatives 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 nine months ended September 30, 2022.
On a year-to-date basis, net income was $63.6 million compared to $60.8 million for the same period in 2021. EPS for the nine months ended September 30, 2022 was $3.58 per share compared to $3.45 per share reported in the same prior-year period, or a 3.8 percent increase.
Year-to-date earnings were driven by contributions from the Company’s recent propane acquisitions as well as the natural gas metering station located in Escambia County, Florida (the “Escambia Meter Station”), natural gas transmission pipeline expansions, organic growth in the Company’s natural gas distribution businesses, incremental contributions from regulated infrastructure programs, increased demand for services from our compressed natural gas (“CNG”), renewable natural gas (“RNG”), and liquified natural gas (“LNG”) transmission and infrastructure operations, improved profitability in the Company’s propane distribution business as well as the Company’s other unregulated businesses. Additionally, the Company recognized a one-time gain related to the sale of a property. These increases were partially offset by higher interest expense resulting from increased interest rates associated with the Company’s short-term borrowings and the absence of the prior year one-time contributions from the regulatory deferral of pandemic related costs and a non-recurring income tax benefit from the CARES Act.
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