The following is a summary of the Chesapeake Utilities Corporation (CPK) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Chesapeake Utilities reported an increase in 2023's adjusted gross margin by $33.9 million and operating income by $7.9 million excluding Florida City Gas transaction-related expenses.

• Despite fluctuations caused by warmer weather and higher interest rates affecting consumption and earnings, the incremental EPS for 2023 was $1.50.

• The adjusted EPS growth for 2023 was 5.4%, improving by $0.27 per share.

• A target diluted EPS in the range of $5.33 to $5.45 per share has been set for 2024.

• Chesapeake reaffirmed its capital investment between $1.5 billion and $1.8 billion from 2024 to 2028.

Business Progress:

• Growth was driven by regulatory changes and the growing customer base in Chesapeake's regulated energy segment.

• The company acquired Florida City Gas, doubling its footprint in the market.

• New capital investments have been planned for Florida City Gas, along with a few capital projects.

• For stability and growth, regulatory applications for new capital projects are being completed such as connecting three landfill RNG sites to FCG's distribution system.

• Chesapeake's largest business transformation initiative to date includes the launch of a new SAP customer service application.

• The company is finalizing regulatory filings for new RNG transmission projects to establish produced RNG pathways via the Florida City Gas distribution systems.

• The company also anticipates around $17.2 million recognition in 2024 due to permanent rate changes from their recent Florida rate case.

More details: Chesapeake Utilities Corp IR

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