Chesapeake Utilities (NYSE: CPK) reported a 16% increase in adjusted net income for Q1 2026, reaching approximately $59 million, while adjusted earnings per share rose 11% to $2.47. The company’s adjusted gross margin was approximately $206 million, up 13%, attributed to heightened natural gas demand, infrastructure investments, updated rates, and colder winter weather across its service territory. Key customer growth figures include a 3.3% increase in residential customers in Delmarva and 2.2% for Florida Public Utilities.
The company has invested $122 million in capital expenditures through Q1, aligning with its 2026 guidance of $450 million to $500 million. Chesapeake’s WRU liquefied natural gas storage project in Bishopville, Maryland, is experiencing schedule shifts due to severe winter weather, resulting in an anticipated reduction of approximately $0.10 to full-year EPS, though the project is still expected to be operational in early 2027.
Chesapeake has also filed for a base rate increase of $47 million for Florida City Gas, with interim rates of $16 million expected to take effect in Q3 2026. This filing aims to update cost recovery for capital investments and various expenses. The recent dividend was increased by 7.3% to $2.94, marking 66 consecutive years of dividend payments.
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