Chesapeake Utilities(US:CPK)2020-11-06 14:14Financial Performance - The company's operating income for the third quarter of 2020 was $17406 thousand, compared to $14357 thousand in 2019[11] - Net income for the third quarter of 2020 was $9261 thousand, compared to $5621 thousand in 2019[11] - Diluted EPS from continuing operations for the third quarter of 2020 was $056, compared to $038 in 2019[11] - The company estimates major projects will contribute $50 million in 2020 and $63 million in 2021[10] Growth and Expansion - The company completed the acquisition of Western Natural Gas Company, a Florida propane company[9] - The company issued 735336 shares under the At-The-Market (ATM) program at an average price of $8496, resulting in $625 million in gross proceeds[25] - Capital expenditures for the nine months ended September 30, 2020, were $1439 million[15] - The company updated its 2020 capital expenditure forecast to a range of $195 million to $215 million[14] COVID-19 Impact - The COVID-19 pandemic had an operating income impact of $19 million for the three months ended September 30, 2020, and $67 million for the nine months ended September 30, 2020[13] - Year-to-date net income was reduced by $19 million, or $012 per share, due to COVID-19 impacts[13] Hurricane Michael Settlement - The settlement of the Hurricane Michael proceeding improved operating income by $29 million for the third quarter[32] - The settlement agreement allowed FPU to record regulatory assets for storm costs in the amount of $458 million, which will be amortized over six years, and recover these storm costs through a surcharge for a total of $77 million annually[32]