•  GAAP earnings per share (“EPS”)* was $1.76 for the first quarter of 2020 compared to $1.74 for the first quarter of 2019
  • Strong performance driven by continued growth in the Company’s businesses, coupled with two property sales, offset the negative impact of weather and the absence of regulatory relief from the pending Hurricane Michael limited proceeding
  • Natural gas expansion projects and customer growth generated $2.1 million in additional gross margin**
  • Boulden acquisition generated $1.9 million in additional gross margin
  • Warmer weather reduced current quarterly earnings by $0.19 per share compared to the first quarter of 2019 and by $0.23 per share compared to normal weather conditions
  • The Company has implemented its pandemic response plan including social distancing restrictions to limit the spread of COVID-19
  • The Company reaffirms its capital expenditure forecast and EPS guidance through 2022

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its first quarter financial results. The Company’s net income for the quarter ended March 31, 2020 was $28.9 million, compared to $28.7 million for the same quarter of 2019. Earnings per share for the quarter ended March 31, 2020 increased $0.02 t