Dover-based Chesapeake Utilities Corporation reported higher earnings in the first quarter.
The company’s net income for the quarter ended March 31 was $36.9 million, a 7.2 percent increase over the $34.5 million reported in the same quarter of 2021.
Higher first-quarter earnings were driven by the 2021 acquisitions of Diversified Energy Company and the natural gas metering station in Escambia County, Fl., natural gas distribution and transmission pipeline expansions, regulated infrastructure programs, internal growth in the company’s natural gas businesses, as well as improved profitability in the company’s propane distribution business. Partially offsetting growth was lower propane customer consumption in the first quarter of 2022 compared to the same period a year ago.
Click here for the full earnings report, including updates on projects on Delmarva.
| For the Three Months Ended March 31, 2021 | ||||||||
| (in thousands) | Regulated Energy | Unregulated Energy | Other and Eliminations | Total | ||||
| Operating Revenues | $ 121,197 | $ 74,759 | $ (4,769) | $ 191,18 |
“Despite headwinds brought on by the current inflationary environment and inconsistent weather impacts across our footprint within the quarter, Chesapeake Utilities began the year with solid earnings growth,” said Jeff Householder, CEO. “Our team continues to deliver positive results through our business growth and transformation initiatives, which led to higher margins and earnings in the quarter.
Householder continued, ‘We remain focused on executing our mission and providing our customers with safe, affordable, reliable and sustainable energy delivery solutions. We continue to capitalize on our organic growth initiatives, which led to year-over-year customer growth of 5.3 percent and 4 percent in our Delmarva and Florida service territories, respectively. Supporting that customer growth, we continue to make prudent investments in our utility systems and other projects that drive shareholder value – exemplified by this quarter’s contributions from Diversified Energy, which we acquired in late 2021. Finally, we remain on track with the expansion of our renewable energy investments, with successful completion in the first quarter of our first hydrogen test and CNG fueling station which is also capable of distributing RNG for fleet vehicles. These investments, the steps we have taken to further strengthen our financial position and the unrelenting dedication of our talented employees continue to firmly position Chesapeake Utilities for long-term, sustainable success.”
