CHESAPEAKE UTILITIES CORPORATION REPORTS RECORD RESULTS FOR FISCAL YEAR 2020; UPDATES EARNINGS AND CAPITAL GUIDANCE
- Earnings Per Share (“EPS”)* increased to $4.26 in 2020 from $3.96 in 2019
- 2020 EPS from continuing operations was a record $4.21, an increase of $0.49 or 13.2 percent over 2019
- Fourth quarter 2020 EPS from continuing operations increased $0.20, or 19.2 percent
- Expansion projects, customer growth, and pipeline replacement programs generated $15.5 million in additional gross margin** for 2020
- Finalization of the Hurricane Michael regulatory proceeding resulted in $10.9 million in gross margin**
- Acquisitions completed in 2019 and 2020 added $5.3 million in incremental gross margin**
- Pipeline expansion projects and full year impact of acquisitions completed in 2020 are expected to further enhance growth going forward
- The COVID-19 pandemic reduced net income by $1.0 million or $0.06 per share, which includes offsetting benefits from the establishment of regulatory assets totaling $1.9 million and reflecting the positive tax impacts from implementation of the CARES Act provisions
- Issued $63.7 million of equity in the fourth quarter of 2020 to permanently finance recent capital investments, resulting in an equity to total capitalization ratio of 50 percent at year end
- Announced new earnings and capital investment guidance through 2025 based upon the Company’s current investment and earnings outlook
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, 2020. Net income for 2020 was $71.5 million, or $4.26 per share compared to $65.2 million, or $3.96 per share for 2019. The Company’s net income from continuing operations for 2020 was $70.6 million, or $4.21 per share. This represents an increase of $9.5 million, or $0.49 per share, above 2019 results.
Fourth quarter 2020 net income was $22.4 million, or $1.28 per share compared to $22.6 million, or $1.37 per share in 2019. The fourth quarter 2019 EPS results included $0.33 per share associated with a one-time gain from discontinued operations for our natural gas marketing business that we have exited. The Company’s net income from continuing operations for the quarter ended December 31, 2020 was $21.7 million, or $1.24 per share compared to $17.1 million, or $1.04 for the same quarter of 2019.