CPK reports $2.47 adjusted EPS for Q1, up 11% year-over-year, driven by infrastructure investments and colder weather.
Chesapeake Utilities reported a 16% year-over-year increase in adjusted net income to $59 million for Q1, with adjusted earnings per share rising 11% to $2.47. The company attributed the growth to higher natural gas demand, infrastructure investments, updated rates, and colder winter weather across its service territory.
Adjusted gross margin reached $206 million, a 13% increase, supported by $12 million from transmission and infrastructure projects and $11 million from distribution system growth. The company also boosted its annualized dividend by 7.3% to $2.94 per share and reaffirmed long-term EPS growth targets.
A regulatory delay for the WRU LNG storage project in Maryland is expected to reduce 2026 EPS by $0.10, though the project remains on track for an early 2025 startup.