Chesapeake Utilities Corporation announced its financial results for the second quarter ended June 30, 2025, on August 7, 2025. Net income for the quarter was $23.9 million, or $1.02 per share, compared to $18.2 million, or $0.82 per share, in the second quarter of 2024.
Excluding transaction and transition-related expenses, adjusted net income for Q2 2025 was $24.3 million, or $1.04 per share, compared to $19.3 million, or $0.86 per share, in the prior-year period, representing adjusted EPS growth of 20.9 percent. Adjusted gross margin increased by 12.8 percent.
For the first half of 2025, adjusted net income was $75.4 million, or $3.25 per share, compared to $66.1 million, or $2.96 per share, for the same period in 2024. The company reaffirmed its 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 raised its projected capital expenditure guidance for 2025 by $50 million, to a new range of $375 million to $425 million, reflecting year-to-date capital deployment of $213 million. The five-year capital expenditure guidance through 2028 remains reaffirmed at $1.5 billion to $1.8 billion.
Significant progress was made on strategic initiatives, including the conclusion of the Transition Services Agreement for Florida City Gas. FERC issued a notice to proceed with site preparation and approved updated rates for the Worcester Resiliency Upgrade project, which is expected to drive an additional $3.9 million of margin once in service. The company also expanded its debt capacity and reached its target equity capitalization of 50 percent.
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