- Earnings per share (“EPS”)* was $0.71 for the third quarter of 2021, an increase of $0.15, or 26.8 percent, compared to $0.56 for the third quarter of 2020
- Year-to-date earnings increased to $3.45 per share from $2.97, for the prior year
- Natural gas organic growth and pipeline expansions, regulatory initiatives and contributions from 2020 and 2021 acquisitions generated $2.7 million and $14.2 million in additional gross margin during the third quarter and year-to-date, respectively
- Continued return toward pre-pandemic conditions increased consumption compared to 2020
- Completed construction of the Company’s first Renewable Natural Gas transportation project
- Continued focus on organic growth and expansion projects as well as our ESG initiatives, including renewable energy opportunities focused on enhancing sustainability within our local communities
- Executed first sustainability linked financing arrangement during the third quarter of 2021
- Total assets exceeded $2 billion at September 30, 2021
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the third quarter of 2021. The Company’s net income for the quarter ended September 30, 2021 was $12.5 million, or $0.71 per share, compared to $9.3 million, or $0.56 per share, for the same quarter of 2020. Net income for the nine months ended September 30, 2021 was $60.8 million, or $3.45 per share, compared to $49.1 million, or $2.97 per share, for the same period of 2020.
Higher earnings for the third quarter of 2021 reflected natural gas growth in the Company’s transmission and distribution businesses, improved propane margins, contributions from the 2020 and 2021 acquisitions, as well as a return toward pre-pandemic consumption levels as states of emergencies have been gradually lifted in the Company’s service territories.
On a year-to-date basis, earnings were impacted by the positive factors noted above, as well as a return toward more normal weather.
“Our team continued to deliver strong performance during the third quarter which, when added to their efforts for the first half of the year, positions us well for the final quarter of the year. Our double digit earnings« Return to Newsroom