Chesapeake Utilities Corporation reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total operating revenues reaching $787.2 million, up from $670.6 million in 2023. The company's net income also rose to $118.6 million, or $5.26 per diluted share, compared to $87.2 million, or $4.73 per diluted share, in the previous year. This growth was largely attributed to the acquisition of Florida City Gas (FCG) for $922.8 million, which added approximately 123,000 natural gas customers across eight counties in Florida and contributed $140.3 million in operating revenue and $13.5 million in net income for the year.
The acquisition of FCG, completed on November 30, 2023, marked a strategic expansion for Chesapeake Utilities, enhancing its regulated energy segment. The company also reported an increase in adjusted gross margin, which rose to $567.4 million from $454.1 million in 2023, reflecting contributions from regulatory initiatives, infrastructure programs, and organic growth in natural gas distribution. The regulated energy segment's operating income increased by 55.5% to $196.2 million, driven by the incremental contributions from FCG and other growth initiatives.
Operationally, Chesapeake Utilities saw an increase in customer counts, with the average number of residential customers in its Florida natural gas distribution business growing by 3.9% and by 4.0% in the Delmarva Peninsula. The company also reported a total capital expenditure of $355.8 million for 2024, with significant investments in natural gas distribution and transmission infrastructure. The company’s workforce expanded to over 1,200 employees, reflecting its growth strategy and operational needs.
Looking ahead, Chesapeake Utilities has outlined a robust growth strategy that includes further investments in regulated operations and the pursuit of additional acquisitions in the propane sector. The company anticipates continued growth in adjusted gross margin from its ongoing projects and regulatory initiatives, with a forecasted capital expenditure range of $325 million to $375 million for 2025. The company remains focused on optimizing its operations and expanding its service offerings to enhance shareholder value while navigating the regulatory landscape and market conditions.
About CHESAPEAKE UTILITIES CORP
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