Chesapeake Utilities Q1 EPS Grows 11.8% to $2.47, Invests $121.9M
Chesapeake Utilities reported Q1 net income of $59.3 million and EPS of $2.47, up from $50.9 million and $2.21 year-over-year, driven by an 11.8% EPS increase and $23.8 million adjusted gross margin growth. The company invested $121.9 million in capital and filed for a Florida rate base increase.
1. Q1 Financial Results
Chesapeake Utilities delivered net income of $59.3 million and EPS of $2.47 in the first quarter, compared to $50.9 million and $2.21 in Q1 2025. Adjusted net income matched GAAP results, reflecting year-over-year EPS growth of 11.8%.
2. Margin Growth Drivers
Adjusted gross margin increased by $23.8 million in Q1, led by $6.9 million from transmission expansions, $5.5 million from infrastructure reliability programs, $4.5 million from colder weather consumption and $4.1 million from improved rates post-2025 rate cases. Organic customer growth added $2.0 million.
3. Capital Investment and Regulatory Filing
Capital investment totaled $121.9 million in the quarter, in line with the company’s growth strategy. Florida City Gas filed a petition in April for a general rate base increase, now pending Florida PSC review.
4. Leadership Transition and Guidance
Beth Cooper will retire as CFO after 36 years, with COO Jeff Sylvester assuming the role on July 1, 2026. The company reaffirmed its 2026 capex guidance of $450–$500 million, five-year capital range of $1.5–$1.8 billion and 2028 EPS outlook of $7.75–$8.00.