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CHESAPEAKE UTILITIES CORPORATION REPORTS FIRST QUARTER 2026 RESULTS

CPK
  • Chesapeake Utilities reported first quarter 2026 net income of $59.3 million ($2.47 per diluted share), an 11.8% increase compared to $50.9 million ($2.21 per share) in the same period last year.
  • Adjusted gross margin grew by $23.8 million to $206.2 million, driven by regulatory initiatives, infrastructure programs, natural gas organic growth, transmission expansion projects, and increased customer consumption due to colder weather.
  • The company invested $121.9 million in capital during the first quarter of 2026.
  • Florida City Gas filed a petition in April 2026 seeking a general rate base increase subject to Florida Public Service Commission approval.
  • Chesapeake Utilities reaffirmed its 2026 capital expenditure guidance range of $450 million to $500 million, its 2024-2028 range of $1.5 billion to $1.8 billion, and its 2028 EPS guidance range of $7.75 to $8.00 per share.
  • Beth Cooper retired as Chief Financial Officer after 36 years of service, with Jeff Sylvester set to assume the role effective July 1, 2026.
  • Key drivers for adjusted gross margin growth included $6.9 million from transmission expansions, $5.5 million from infrastructure programs, $4.5 million from colder weather consumption, $4.1 million from rate case improvements, and $2.0 million from organic customer growth.
  • The company's equity to total capitalization ratio stood at approximately 50% as of March 31, 2026.