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PR Newswire·

CHESAPEAKE UTILITIES CORPORATION REPORTS SECOND QUARTER 2026 RESULTS

CPK
  • Chesapeake Utilities reported Q2 2026 net income of $25.4 million ($1.05 EPS) & year-to-date net income of $84.7 million ($3.51 EPS).
  • Year-to-date Adjusted EPS grew 8.0 percent, excluding transaction & transition costs related to the Florida City Gas acquisition.
  • Adjusted gross margin increased by $7.4 million in Q2 & $31.2 million year-to-date, driven by transmission expansion, regulatory initiatives, organic gas growth, & unregulated business contributions.
  • The company raised its 2026 capital expenditure guidance to $550-$600 million, a $100 million increase, due to progress on transmission, distribution, & infrastructure projects.
  • Chesapeake announced the Florida Energy Pathway, a $1.2 billion pipeline project in south Florida with 250,000 Dts/d capacity & a targeted 2030 in-service date.
  • The company increased its revolving credit facility capacity to $650 million to support capital investment growth.
  • Capital investment totaled $139.7 million in Q2 2026, bringing the year-to-date total to $261.6 million.
  • Interim rates of $16.2 million (annualized) were approved by the Florida PSC effective July 2026 as part of the FCG rate case.
  • Long-term capital investment is expected to reach approximately $1.4 billion through 2026 & exceed $2.2 billion for the five-year period ending 2028.
  • The company reaffirmed its 2028 earnings per share guidance range of $7.75 to $8.00.
  • Additional Adjusted Gross Margin growth sources included natural gas transmission expansions, regulated infrastructure programs, propane margin improvements, & Aspire Energy performance.
  • Operating expenses increased due to payroll, benefits, depreciation, amortization, facilities maintenance, credit collection costs, insurance, & vehicle expenses.
  • The company expects to provide updated long-term capital & EPS growth guidance for the 2027-2031 period during its Full-Year 2026 earnings call in February 2027.
  • Total assets on the balance sheet as of June 30, 2026, were $4,173.8 million, up from $3,994.8 million at year-end 2025.
  • Total stockholders' equity increased to $1,673.4 million as of June 30, 2026.