Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the first quarter of 2021. The Company’s net income from continuing operations for the quarter ended March 31, 2021 was $34.5 million, or $1.96 per share, compared to $29.0 million, or $1.77 per share, for the same quarter of 2020. Higher earnings for the first quarter of 2021 reflected a return to more normal weather compared to weather in the first quarter of 2020 that was 20.4 percent warmer than normal. The Company’s earnings also increased from pipeline expansion projects, favorable regulatory initiatives and contributions from the 2020 acquisitions of Elkton Gas Company (“Elkton Gas”) and Western Natural Gas Company (“Western Natural Gas”). Increased retail propane margins per gallon, organic growth in the natural gas distribution operations and increased margin from Marlin Gas Services, LLC (“Marlin Gas Services”) also generated additional earnings.
“The Company generated strong financial results during the first quarter, with margin increasing more than $17 million over the first quarter of 2020. Our higher results were driven by growth across the Company, as well as higher consumption resulting from weather being closer to normal temperatures. Some of the key margin drivers included increases from pipeline expansion projects, the Hurricane Michael regulatory settlement, organic natural gas distribution customer growth, contributions from Elkton Gas and Western Natural Gas, and increased retail propane margins per gallon and margin from Marlin Gas Services. Beyond our strong financial results, our forecasted capital investments remained on track as we expended over $48.7 million during the quarter,” stated Jeffry M. Householder, President and Chief Executive Officer. “As we continue to focus on execution of our growth strategy across the enterprise, our employees remain steadfast in the safe delivery of our essential services to customers. We continue to successfully navigate through these challenging times and remain focused on generating increased shareholder value through continued earnings growth driven by new growth investments, including sustainable energy solutions, and our continued business transformation.”