- GAAP 2018 EPS of $3.45 exceeded Company guidance
- GAAP earnings totaled $3.45 per share (diluted)** in 2018 compared to $3.55 per share in 2017. The 2017 earnings included the one-time positive impact of $0.87 per share for the United States Tax Cuts and Jobs Act (“TCJA”)
- Adjusted (non-GAAP) earnings increased to $3.31 per share in 2018 from $2.89 in 2017
- Recently constructed pipeline projects generated $12.9 million in gross margin* in 2018 and are expected to generate $23.6 million in annual gross margin going forward
- Key regulatory initiatives as well as ongoing infrastructure improvement programs contributed $8.6 million of incremental gross margin in 2018
- Growth in the propane operations and Aspire Energy of Ohio LLC (“Aspire Energy”) added $3.1 million of gross margin in 2018
- $9.6 million was passed on as savings to regulated energy customers as a result of lower federal income taxes from TCJA
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced financial results for the year and the fourth quarter ended December 31, 2018. Reported net income for 2018 was $56.6 million, or $3.45 per share compared to $58.1 million, or $3.55 per share for 2017. Adjusted 2018 net income increased to $54.3 million, or $3.31 per share, from $47.3 million, or $2.89 per share in 2017. Continued growth across the Company’s businesses, key regulatory initiatives and colder weather were the most significant contributors to higher earnings in 2018.
Fourth quarter 2018 GAAP net income was $17.8 million, or $1.08 per share compared to $26.1 million, or $1.59 per share in 2017. Adjusted fourth quarter 2018 net income increased to $18.2 million, or $1.10 per share, from $15.3 million, or $0.93 per share in 2017. Higher 2018 fourth quarter adjusted earnings reflect continued growth across the Company’s businesses. A detailed discussion of operating results begins on page 3.
“Just two short months ago, I was appointed President and CEO of this very special company. I continue to be energized by everything I see, including the results discussed herein, our employees which drive our success, our commitment to providing safe, clean, reliable energy services to existing and new communities, and other potential growth opportunities,” stated Jeffry M. Householder, President and Chief Executive Officer. “2018 was another remarkable year by any measure. 2018 EPS exceeded our guidance of 17 percent growth over 2017 adjusted earnings. Earnings were driven by our highest ever increase in gross margin, which reflected strong growth across our regulated and unregulated energy businesses. Given the opportunities in our existing businesses and ongoing projects and initiatives, we are well positioned for future growth. It is an exciting time to lead this Company forward,” Mr. Householder added.« Return to Newsroom