The following is a summary of the Chesapeake Utilities Corporation (CPK) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Chesapeake Utilities reported Q3 adjusted earnings per share of $0.80, year-to-date EPS of $3.76, and reaffirmed full-year 2024 EPS guidance of $5.33 to $5.45.

• Adjusted gross margin for Q3 was approximately $122 million, up 29% year-over-year, driven by strong contributions from Florida City Gas and core natural gas operations.

• Adjusted net income for Q3 increased to $18 million, up 48%, and year-to-date up 30% to $84 million compared to the same period in 2023.

Business Progress:

• Capital expenditure for 2024 is within the guidance range of $300 million to $360 million, with $257 million already invested by the end of Q3.

• The company is advancing on strategic capital investments including the Miami Inner Loop project and $1.3 billion identified out of a 5-year plan worth $1.5 billion to $1.8 billion.

• Implementation of a company-wide SAP system to support operational transformation and efficiency improvements.

Opportunities:

• Continued strong demand growth in service areas and capitalizing on 3.9% growth in residential customers both in Delmarva and Florida.

• Significant investment opportunities identified with nearly $1 billion not requiring regulatory approval highlight potential for further growth and efficiency.

Risks:

• Potentially negative impacts from regulatory decisions and broader economic conditions affecting operational costs and capital funding strategies.

More details: Chesapeake Utilities Corp IR

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