Chesapeake Utilities Corporation announced its financial results for the first quarter ended March 31, 2025, on May 7, 2025. Net income for the quarter was $50.9 million, or $2.21 per share, compared to $46.2 million, or $2.07 per share, in the first quarter of 2024.
Excluding transaction and transition-related expenses, adjusted net income for Q1 2025 was $51.1 million, or $2.22 per share, compared to $46.8 million, or $2.10 per share, in the prior-year period. Adjusted gross margin increased by 10.9% to $182.4 million from $164.5 million in Q1 2024.
The company reaffirmed its full-year 2025 adjusted EPS guidance of $6.15 to $6.35 per share and its 2028 adjusted EPS guidance of $7.75 to $8.00 per share. Chesapeake Utilities also reiterated its five-year capital expenditure guidance of $1.5 billion to $1.8 billion through 2028, with projected capital expenditures of $325 million to $375 million for 2025.
During the first quarter, the company invested nearly $113 million in new transmission and reliability infrastructure projects. However, the Worcester Resiliency Upgrade (WRU) LNG storage project faced challenges, with final bids coming in higher than expected, leading to a $20 million cost increase to a total of $100 million and shifting the in-service date from Q4 2025 to Q2 2026.
Chesapeake Utilities also provided updates on regulatory initiatives: a Maryland natural gas rate case resulted in a $3.5 million cumulative increase effective April 2025. A Delaware natural gas rate case settlement for a $6.1 million annual revenue increase saw interim rates effective March 2025. A Florida Electric rate case reached a settlement for an $8.6 million annual revenue increase, pending PSC approval in June 2025. Additionally, a depreciation study for Florida City Gas was filed in February 2025, with an outcome expected in September 2025.
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