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.