Chesapeake Utilities Corporation (NYSE:CPK) Q3 2024 Earnings Call November 8, 2024 8:30 AM ET Company Participants Lucia Dempsey - Head, Investor Relations Jeff Householder - Chair, President and Chief Executive Officer Beth Cooper - Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary Jim Moriarty - Executive Vice President, General Counsel and Corporate Secretary and Chief Policy and Risk Officer Conference Call Participants Tate Sullivan - Maxim Group Paul Fremon ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-11590 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------- ...

FOR IMMEDIATE RELEASE November 7, 2024 NYSE Symbol: CPK CHESAPEAKE UTILITIES CORPORATION REPORTS THIRD QUARTER 2024 RESULTS • 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"), wer ...

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 ...

"The RNG facility at FCD is a great example of our ability to leverage our expertise across the entire energy delivery value chain -- from production to virtual pipeline transportation, injection, transmission and distribution – while supporting our strategic focus on prudent capital deployment," said Jeff Householder, board chair, president and CEO. "We share FCD's commitment to innovative approaches that result in a more sustainable future for customers and our local communities. FPU Renewables LLC, a sub ...

Second Quarter 2024 Earnings Call Presentation scan here for an electronic copy August 9, 2024 1 Safe Harbor for Forward-Looking Statements Safe Harbor Statement Some of the statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable law. Such forward-looking statements may be identified by the use of words, such as "project," "believe," "expect," "anticipate," "intend," "plan," "estimate," "continue," "pote ...

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for Q2 2024 was $0.86, with year-to-date EPS at $2.96, reflecting strong contributions from Florida City Gas and legacy operations [7] - Adjusted gross margin was approximately $127 million, a 27% increase compared to Q2 2023, and adjusted net income was approximately $19 million, up 19% from the same period last year [7][20] - Operating income for the quarter increased 44% to approximately $41 million, driven by effective cost management [20] Business Line Data and Key Metrics Changes - Adjusted gross margin for the Regulated Energy segment was approximately $103 million, up 34% from Q2 2023, while the Unregulated Energy segment saw adjusted gross margin increase by 3% to $23 million [22][23] - Florida City Gas operations contributed $0.77 to adjusted EPS, reflecting strong customer growth and consistent natural gas demand [21] Market Data and Key Metrics Changes - Customer growth in Delmarva and Florida was strong, with a 3.7% increase in residential customers in Q2 2024 compared to the same period last year [8] - Significant growth was noted in Cecil County, Maryland, due to natural gas infrastructure investments attracting key businesses [9][10] Company Strategy and Development Direction - The company focuses on three fundamental drivers for earnings growth: prudent capital investment, proactive regulatory management, and continuous business transformation [11][12] - A five-year capital investment plan of $1.5 billion to $1.8 billion is underway, with $1.3 billion of projects identified [13][14] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2024 adjusted EPS guidance of $5.33 to $5.45, with expectations for continued strong performance [7][27] - The integration of Florida City Gas is critical for future growth, with ongoing efforts to optimize operations and identify synergies [18] Other Important Information - The company has a strong balance sheet with an equity to total capitalization ratio of 48%, targeting 50% [24] - A significant dividend increase of $0.05 per share was announced, representing an 8.5% year-over-year growth [26] Q&A Session Summary Question: Regarding RNG investments, is the Full Circle Dairy project owned by Chesapeake? - Yes, the company owns and operates the Full Circle Dairy facility through a contract [38] Question: Is the RNG project regulated or non-regulated? - It is currently a non-regulated investment, but there are plans to potentially move it into the regulated utility [39] Question: What is the expected contribution from tax credits for the RNG project? - The company expects to realize tax credits, but specific estimates have not been disclosed yet [42] Question: What is the timeline to reach the targeted 50% equity ratio? - The company aims to achieve this within the next year to year and a half, depending on market conditions [46] Question: Are the renewable natural gas projects scalable in Florida? - Yes, the company sees potential for scalability and has received regulatory approval for the pipeline expansions [50]

Chesapeake Utilities (CPK) came out with quarterly earnings of $0.86 per share, missing the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.90 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.27%. A quarter ago, it was expected that this energy and utility company would post earnings of $2.14 per share when it actually produced earnings of $2.10, delivering a surprise of -1.87%. Over the last fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-11590 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------- ...

FOR IMMEDIATE RELEASE August 8, 2024 NYSE Symbol: CPK CHESAPEAKE UTILITIES CORPORATION REPORTS SECOND QUARTER 2024 RESULTS • Net income and earnings per share ("EPS")* were $18.3 million and $0.82, respectively, for the second quarter of 2024, and $64.4 million and $2.89, respectively, for the six months ended June 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 $19. ...