CHESAPEAKE UTILITIES CORPORATION REPORTS SECOND QUARTER 2021 RESULTS

  • Double digit earnings growth results in strong second quarter and year-to-date performance
  • Earnings per share (“EPS”)* from continuing operations was $0.78 for the second quarter of 2021, an increase of $0.14, or 21.9 percent, compared to $0.64 for the second quarter of 2020
  • Year-to-date earnings from continuing operations increased to $2.75 per share from $2.41, for the prior year
  • Strong performance driven by over $27 million in additional gross margin** for the first half of 2021
  • Natural gas expansion projects, regulatory initiatives and contributions from 2020 acquisitions generated $7.1 million and $14.9 million in additional gross margin during the second quarter and year-to-date, respectively
  • Return to pre-pandemic conditions served to improve consumption compared to 2020
  • Capital structure at the end of the second quarter of 2021 was 52 percent equity to total capitalization
  • Continued focus on organic growth and expansion projects as well as our ESG initiatives, including renewable energy opportunities focused on enhancing sustainability within our local communities

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the second quarter of 2021. The Company’s net income from continuing operations for the quarter ended June 30, 2021 was $13.8 million, or $0.78 per share, compared to $10.7 million, or $0.64 per share, for the same quarter of 2020. Net income from continuing operations for the six months ended June 30, 2021 was $48.3 million, or $2.75 per share, compared to $39.7 million, or $2.41 per share, for the same period of 2020.

Higher earnings for the second quarter of 2021 reflected favorable regulatory initiatives, pipeline expansion projects, contributions from the 2020 acquisitions of Elkton Gas Company (“Elkton Gas”) and Western Natural Gas Company (“Western Natural Gas”) as well as organic growth in the natural gas distribution operations. The Company’s earnings also reflected increased consumption due to a return to pre-pandemic consumption levels as states of emergencies have been lifted in the Company’s service territories.

On a year-to-date basis, earnings were impacted by the positive factors noted above, as well as a return to more normal weather and increased retail propane margins per gallon.

Read more

© 2021 Chesapeake Utilities Corp. All rights reserved.