Chesapeake Utilities Corporation announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 26, 2025. For the full year 2024, net income was $118.6 million, or $5.26 per share, compared to $87.2 million, or $4.73 per share, in 2023.
Excluding transaction and transition-related expenses, adjusted net income for 2024 reached $121.5 million, or $5.39 per share, compared to $97.8 million, or $5.31 per share, in 2023. The company's full-year adjusted gross margin increased by 25.0% to $567.4 million from $454.1 million in 2023.
For the fourth quarter of 2024, net income was $36.7 million, or $1.60 per share, compared to $25.3 million, or $1.26 per share, in the prior-year period. Adjusted net income for Q4 2024 was $37.3 million, or $1.63 per share, compared to $33.0 million, or $1.64 per share, in Q4 2023.
Chesapeake Utilities' 2024 capital expenditures totaled $356 million, aligning with the top end of its $300 million to $360 million guidance range. 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, projecting an approximate 8 percent annual EPS growth rate from 2025.
The company also reaffirmed 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. These results were driven by contributions from the Florida City Gas acquisition, regulatory initiatives, natural gas distribution growth, and increased virtual pipeline services.
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