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CHESAPEAKE UTILITIES CORPORATION REPORTS THIRD QUARTER 2025 RESULTS

CPK
  • Chesapeake Utilities reported third-quarter 2025 net income of $19.4 million ($0.82 per share) and nine-month net income of $94.2 million ($4.03 per share).
  • Adjusted net income for the third quarter was $19.5 million ($0.82 per share) and $94.9 million ($4.06 per share) for the nine months, excluding FCG transaction expenses.
  • Adjusted gross margin grew by $15.2 million in the third quarter and $49.3 million for the nine months, driven by natural gas growth, transmission projects, regulatory initiatives, and expanded CNG, RNG, and LNG services.
  • The company reaffirmed its 2025 adjusted EPS guidance range of $6.15 to $6.35, contingent on a successful FCG Depreciation Study outcome.
  • Chesapeake increased its 2025 capital expenditure guidance range to $425 million to $450 million, citing progress on major capital projects.
  • The company maintains its 2028 EPS guidance of $7.75 to $8.00 and its five-year capital expenditure guidance of $1.5 billion to $1.8 billion.
  • Operating income increased 10.0 percent to $45.0 million in the third quarter and 12.9 percent to $182.1 million in the nine months compared to the prior year.
  • Total capital expenditures for the first nine months of 2025 reached $335.6 million, with the company issuing $92.0 million in new equity over the last twelve months to improve its capitalization ratio.
  • Major project updates include the approval of the Worcester Resiliency Upgrade, completion of the Lake Mattie pipeline, and final settlement of the Delaware rate case.
  • Weather conditions contributed to increased customer consumption, adding $4.8 million to adjusted gross margin during the nine-month period due to colder temperatures in Ohio and the Delmarva Peninsula.