Chesapeake Utilities(US:CPK)2020-08-07 21:15Financial Performance & Targets - Chesapeake Utilities' net income for the second quarter of 2020 was $11 million, or $0.66 per share, compared to $8.3 million, or $0.50 per share, for the same quarter of 2019[12] - Net income for the six months ended June 30, 2020, was $39.9 million, or $2.42 per share, compared to $37 million, or $2.25 per share, for the same period in 2019, representing a 7.6% increase[12] - The company reaffirms its 2022 EPS target of $4.70 to $4.90 and capital investment target range of $750 million to $1 billion from 2018 through 2022[7] COVID-19 Impact - COVID-19 impacts reduced operating income by $4.3 million and $4.6 million compared to the prior year quarter and year-to-date periods, respectively[16] - For the three and six months ended June 30, 2020, the COVID-19 impacts on margin were $2.5 million and $2.9 million, respectively, primarily driven by reduced consumption in the commercial and industrial sector[15] - Additional expenses incurred in support of essential services during the pandemic totaled $1.8 million for both the Second Quarter and Year-to-Date[15] Capital Expenditures & Investments - The company's capital expenditures were $88.4 million for the six months ended June 30, 2020[19] - The estimated capital expenditure for 2020 is between $185 million and $215 million[19] - From 2018 through June 30, 2020, the company has invested $570 million on new capital expenditures[41] Strategic Initiatives & Acquisitions - The acquisition of Elkton Gas Company was completed for approximately $15 million on July 31, 2020[26] - The company expects to generate $1 million in incremental margin in 2021 from renewable gas transportation as a result of the Bioenergy DevCo and CleanBay projects[33] - Major projects are estimated to contribute $38 million in margin in 2020 and $52 million in 2021[9]