CHESAPEAKE UTILITIES CORPORATION REPORTS FIRST QUARTER 2018 RESULTS

May 08, 2018

  • Net income rose 40.3 percent to $26.9 million or $1.64 per share
  • Gross margin* increased $10.3 million, or 12.2 percent, for the quarter, before the pass through of lower Federal income taxes to customers of our regulated businesses
  • Preliminary estimates of customer refunds from lower Federal income taxes totaled $3.2 million for the quarter
  • Continued profitable growth in the natural gas, electric and propane distribution, natural gas transmission and combined heat and power businesses drove margin and operating income increases for the quarter
  • Eastern Shore’s largest ever pipeline system expansion is well underway

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced first quarter financial results. The Company’s net income for the quarter ended March 31, 2018 was $26.9 million, compared to $19.1 million for the same quarter of 2017. Earnings per share (“EPS”) for the quarter ended March 31, 2018 were $1.64 per share, compared to $1.17 per share for the same quarter of 2017. The higher net income and EPS reflected robust performance and results largely throughout the Company’s businesses.

Higher earnings for the first quarter of 2018 reflect continued growth in the regulated natural gas and electric operations, pipeline expansion and favorable regulatory initiatives. Increased profitability and growth from propane delivery operations and Aspire Energy of Ohio, LLC (“Aspire Energy”) and the positive impact of the lower effective tax rate from the Tax Cuts and Jobs Act (the “TCJA”) in the Unregulated Energy segment generated additional earnings. The results also reflect a return to more normal weather during the first quarter of 2018, compared to weather that was 20.9 percent warmer than normal during the first quarter of 2017. A detailed discussion of operating results begins on page 3.

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