Chesapeake Utilities Corporation Announces Strong Financial Results for Third Quarter of 2024

Key Highlights

Net income and earnings per share (“EPS”) were $17.5 million and $0.78, respectively, for the third quarter of 2024, and $81.9 million and $3.66, respectively, for the nine months ended September 30, 2024. Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas (“FCG”), were $18.1 million and $0.80, respectively, for the third quarter of 2024 and $84.2 million and $3.76, respectively, for the nine months ended September 30, 2024.

Business Growth

Adjusted gross margin** growth of $89.3 million during the first nine months of 2024 was driven by contributions from FCG, regulatory initiatives and infrastructure programs, natural gas organic growth, continued pipeline expansion projects, and additional customer consumption. Results continue to track in line with Management’s expectations, and the Company affirms 2024 EPS and capital guidance.

Financial Performance

Chesapeake Utilities Corporation’s strong financial performance for the third quarter and nine months ended September 30, 2024, reflects the company’s commitment to growth and profitability. The company’s focus on strategic investments and operational efficiency has resulted in positive earnings and continued success in the market.

Impact on Stakeholders

The financial results announced by Chesapeake Utilities Corporation have a positive impact on stakeholders, including investors, employees, and customers. Investors can take confidence in the company’s strong performance and future growth potential, while employees can be reassured of the company’s stability and success. Customers can expect continued reliable service and innovative solutions from Chesapeake Utilities Corporation.

How it Will Affect Me

As a shareholder or potential investor, the strong financial results of Chesapeake Utilities Corporation indicate a promising outlook for the company’s future performance. The company’s focus on growth and profitability is likely to result in increased shareholder value and potential returns on investment.

How it Will Affect the World

Chesapeake Utilities Corporation’s strong financial performance has broader implications for the energy industry and the economy as a whole. The company’s contributions to infrastructure programs, natural gas growth, and customer consumption are likely to have a positive impact on the local communities it serves and the broader energy sector.

Conclusion

In conclusion, Chesapeake Utilities Corporation’s announcement of strong financial results for the third quarter of 2024 demonstrates the company’s commitment to growth, profitability, and sustainability. The company’s strategic investments and operational efficiency have positioned it for continued success in the market, benefiting stakeholders and contributing to the overall growth of the energy industry.