- Earnings per share (“EPS”)* was $2.04 for the first quarter of 2023, compared to $2.08 for the first quarter of 2022
- Customer consumption was significantly impacted by historically warmer temperatures during the first quarter of 2023, generating a $0.29 reduction in EPS
- Offsetting lower consumption, adjusted gross margin growth was driven by regulatory initiatives, natural gas organic growth, increased demand for CNG, RNG and LNG services and continued pipeline expansion projects
- Obtained Final Rate Order for the Florida natural gas base rate case with new permanent rates effective in March 2023
- Reiteration of long-term earnings and capital expenditures guidance, including continued capital expenditure guidance of $200 million to $230 million for 2023
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced financial results for the first quarter of 2023.
The Company’s net income for the quarter ended March 31, 2023 was $36.3 million, compared to $36.9 million reported in the same quarter of 2022. Diluted EPS in the quarter was $2.04 per share, compared to $2.08 per share reported in the same prior-year period.
Earnings for the three months ended March 31, 2023 were impacted by significantly warmer weather in our service territories, particularly the Delmarva Peninsula and Ohio experienced temperatures which were more than 20 percent higher than historical averages. Also impacting results were higher interest rates associated with the Company’s short-term borrowings. These factors were largely offset by contributions from the Company’s Florida natural gas base rate proceeding, increased propane margins and fees, organic growth in the Company’s natural gas distribution businesses, increased demand for compressed natural gas (“CNG”), renewable natural gas (“RNG”) and liquefied natural gas (“LNG”) services, incremental contributions associated with regulated infrastructure programs, and continued pipeline expansion projects.
