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Jeff Householder
President, Chief Executive Officer
Beth Cooper
Executive Vice President,
Chief Financial Officer and
Assistant Corporate Secretary
Jim Moriarty
Executive Vice President,
General Counsel, Corporate Secretary
and Chief Policy and Risk Officer
Alex Whitelam
Head of Investor Relations
Forward Looking Statements and Other Disclosures
Safe Harbor Statement
Some of the Statements in this document concerning future Company performance will be forward- looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements. You should refer to the additional information contained in Chesapeake Utilities' Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC and other subsequent SEC filings concerning factors that could cause those results to be different than contemplated in today's discussion.
Reg D Disclosure
Today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation D. Although non-GAAP measures are not intended to replace GAAP measures for evaluation of Chesapeake's performance, Chesapeake believes that portions of the presentation, which include certain non-GAAP financial measures, provide a helpful comparison for an investor's evaluation purposes.
Gross Margin (Non-GAAP Measure)
Gross Margin is determined by deducting the cost of sales from operating revenue. Cost of sales includes the purchased fuel cost for natural gas, electric and propane distribution operations and the cost of labor spent on different revenue-producing activities and excludes depreciation, amortization and accretion. Other companies may calculate gross margin in a different manner.
3
Third Quarter 2021 Financial Performance
Continued Profitable Growth Driving Results
Diluted Earnings Per Share
Key Gross Margin Contributions to Earnings Growth
$3.45
$2.97
$0.56
$0.71
Q3
Q3
YTD
YTD
2020
2021
2020
2021
+$1.4M
+$1.0M
+$0.9M
Pipeline Expansion
Higher
Contributions
and Natural Gas
Propane
from
Organic Growth
Performance
Acquisitions
+$0.8M
+$0.7M
+$0.7M
Eastern Shore
Improved
Increased
Capital Surcharge
Electric
Customer
and FL GRIP
Margins
Consumption
4
Third Quarter and Year-to-Date Financial Summary
Financial results for the quarters and nine months ended September 30, 2021 and 2020
Third Quarter
Year-to-Date
(in thousands except per share data)
2021
2020
2021
2020
Total Gross Margin
$
79,971
$
79,508
$
281,241
$
253,418
Operating Income
$
20,113
$
17,406
$
94,288
$
77,518
Other Income (Expense), Net
339
(40)
2,180
2,997
Interest Charges
(4,975)
(4,584)
(15,134)
(15,452)
Pre-tax Income
15,477
12,782
81,334
65,063
Income Taxes
(2,993)
(3,502)
(20,563)
(16,082)
Net Income from Continued Ops
12,484
9,280
60,771
48,981
Income (Loss) Discontinued Ops
(9)
(19)
(17)
165
Net Income
$
12,475
$
9,261
$
60,754
$
49,146
Diluted EPS
$
0.71
$
0.56
$
3.45
$
2.97
Strong Performance driven by approximately $28 million in additional gross margin
through the first nine months of 2021.
5
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Chesapeake Utilities Corporation published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 19:35:32 UTC.
Chesapeake Utilities Corporation is an energy delivery company operates primarily in the Mid-Atlantic region, North Carolina, South Carolina, Florida and Ohio. It is engaged in the distribution of natural gas, electricity and propane, the transmission of natural gas, the generation of electricity and steam, and in providing related services to its customers. Its Regulated Energy segment includes energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). Its Unregulated Energy segment includes energy transmission, energy generation (the operations of its Eight Flags' CHP plant), propane distribution operations, mobile compressed natural gas distribution and pipeline solutions operations, and sustainable energy investments, including renewable natural gas. It also includes other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, and others.
CHESAPEAKE UTILITIES CORPORATION 
