Chesapeake Utilities Reports Strong Q1 Earnings Amid Project Delays
Chesapeake Utilities reported a robust first-quarter performance, with adjusted net income rising 16% and adjusted earnings per share increasing 11% year-over-year. The company attributed this growth to strong natural gas demand, infrastructure investments, updated rates, and colder winter weather that boosted customer usage. Adjusted gross margin reached approximately $206 million, up 13%. However, the company announced a delay in its WRU LNG storage project in Maryland due to regulatory timing, severe winter conditions, and design changes. This setback is expected to reduce 2026 EPS by about $0.10, though the project remains on track for an early next-year startup. Additionally, Chesapeake filed for a $47 million base rate increase for Florida City Gas and raised its annualized dividend by 7.3% to $2.94 per share. Management reaffirmed long-term EPS growth targets, citing solid commercial and residential customer growth across its service territories as key drivers for future investment opportunities.
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Chesapeake Utilities Reports Strong Q1 Earnings Amid Project Delays
Chesapeake Utilities reported a robust first-quarter performance, with adjusted net income rising 16% and adjusted earnings per share increasing 11% year-over-year. The company attributed this growth to strong natural gas demand, infrastructure investments, updated rates, and colder winter weather that boosted customer usage. Adjusted gross margin reached approximately $206 million, up 13%. However, the company announced a delay in its WRU LNG storage project in Maryland due to regulatory timing, severe winter conditions, and design changes. This setback is expected to reduce 2026 EPS by about $0.10, though the project remains on track for an early next-year startup. Additionally, Chesapeake filed for a $47 million base rate increase for Florida City Gas and raised its annualized dividend by 7.3% to $2.94 per share. Management reaffirmed long-term EPS growth targets, citing solid commercial and residential customer growth across its service territories as key drivers for future investment opportunities.
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