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PR Newswire | 26. Februar 2025, 16:35

CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2024 RESULTS

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Chesapeake Utilities 129,14 $

+0,18%

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DOVER, Del., Feb. 26, 2025

Net income and earnings per share ("EPS")* were $118.6 million and $5.26, respectively, for the full year 2024, and $36.7 million and $1.60, respectively, for the fourth quarter of 2024
Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition of Florida City Gas ("FCG"), were $121.5 million and $5.39, respectively, for the full year 2024, and $37.3 million and $1.63, respectively, for the fourth quarter of 2024
Adjusted gross margin** increased by $113.3 million during the year driven by contributions from FCG, regulatory initiatives and infrastructure programs, natural gas organic growth, continued pipeline expansion projects, and increased demand for virtual pipeline services
Achieved earnings guidance while accelerating return to target capital structure range; equity to total capitalization reaches 48.4 percent at December 31, 2024

DOVER, Del., Feb. 26, 2025 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced financial results for the year and the fourth quarter ended December 31, 2024.

For 2024, net income was $118.6 million ($5.26 per share) compared to $87.2 million ($4.73 per share) in 2023. Excluding transaction and transition-related expenses related to the acquisition of FCG, adjusted net income** was $121.5 million ($5.39 per share) compared to $97.8 million ($5.31 per share) in 2023.

The increase in 2024 earnings was driven by incremental contributions from FCG, additional margin from regulatory initiatives and infrastructure programs, growth in the Company's natural gas distribution businesses, continued pipeline expansion projects to support distribution growth, and increased virtual pipeline services. The financing impacts of the FCG acquisition, including increased interest expense related to debt issued and additional shares outstanding, partially offset the increases.

In the fourth quarter of 2024, the Company's net income was $36.7 million ($1.60 per share) compared to $25.3 million ($1.26 per share) during the prior-year period. Excluding the transaction and transition-related expenses, adjusted net income was $37.3 million ($1.63 per share) compared to $33.0 million ($1.64 per share) reported in the fourth quarter of 2023.

Earnings for the fourth quarter of 2024 were primarily impacted by the factors discussed for the full year.

"2024 has been a transformational year for Chesapeake Utilities – we started the year focused on integrating Florida City Gas and ended the year with substantial progress toward capitalizing on this acquisition as well as expanding opportunities in our legacy operations. We've made significant progress this year, including investing in our new and existing service areas, collaborating with our regulators and ensuring continuous business improvement to meet the needs of our customers and our growing organization," said Jeff Householder, the Company's Chair of the Board, President and Chief Executive Officer.

"In spite of accelerating the return to our target capital structure range and weather that continued to be warmer than normal, we achieved our earnings and capital guidance ranges and generated a top quartile annual shareholder return of 17 percent in 2024; since initiating guidance in 2018, we have consistently met or beat our guidance ranges while significantly growing the Company. This is a testament to our team's persistent focus on delivering top-quartile performance and growth," continued Householder. "Given this performance, I cannot envision a better start to our next phase of growth as we continue to set high expectations for ourselves and remain focused on meeting our promises, delivering with purpose and reaching new heights."

Capital Investment and Earnings Guidance

The Company's performance for 2024 was in line with its previously announced EPS guidance range of $5.33 to $5.45 per share. Additionally, the Company's 2024 capital expenditures totaled $356 million, near the top end of the 2024 capital guidance range of $300 million to $360 million.

The Company continues to re-affirm its 2025 EPS guidance range of $6.15 to $6.35 per share, as well as the 2028 EPS guidance range of $7.75 to $8.00 per share. The 2028 guidance implies an annual EPS growth rate of approximately 8 percent from the 2025 EPS guidance, or since 2018, an 8.5 percent growth rate.

These earnings projections are based upon the Company's previously introduced capital expenditure guidance for the five-year period ended 2028 of $1.5 billion to $1.8 billion. The Company continues to re-affirm this five-year capital guidance and projects capital expenditures of $325 million to $375 million for 2025.

*Unless otherwise noted, EPS and Adjusted EPS information is presented on a diluted basis.

Non-GAAP Financial Measures

**This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. Our management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.

The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions, and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit's and the overall Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.

The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to our non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.

Adjusted Gross Margin

	For the Year Ended December 31, 2024
(in millions)	Regulated Energy	Unregulated Energy	Other and Eliminations	Total
Operating Revenues	$ 583.4	$ 228.4	$ (24.6)	$ 787.2
Cost of Sales:
Natural gas, propane and electric costs	(144.2)	(100.2)	24.6	(219.8)
Depreciation & amortization	(48.8)	(16.9)	—	(65.7)
Operations & maintenance expenses ⁽¹⁾	(48.6)	(33.1)	—	(81.7)
Gross Margin (GAAP)	341.8	78.2	—	420.0
Operations & maintenance expenses ⁽¹⁾	48.6	33.1	—	81.7
Depreciation & amortization	48.8	16.9	—	65.7
Adjusted Gross Margin (Non- GAAP)	$ 439.2	$ 128.2	$ —	$ 567.4

	For the Year Ended December 31, 2023
(in millions)	Regulated Energy	Unregulated Energy	Other and Eliminations	Total
Operating Revenues	$ 473.6	$ 223.1	$ (26.1)	$ 670.6
Cost of Sales:
Natural gas, propane and electric costs	(140.0)	(102.5)	26.0	(216.5)
Depreciation & amortization	(48.2)	(17.3)	—	(65.5)
Operations & maintenance expenses ⁽¹⁾	(27.5)	(31.5)	0.3	(58.7)
Gross Margin (GAAP)	257.9	71.8	0.2	329.9
Operations & maintenance expenses ⁽¹⁾	27.5	31.5	(0.3)	58.7
Depreciation & amortization	48.2	17.3	—	65.5
Adjusted Gross Margin (Non- GAAP)	$ 333.6	$ 120.6	$ (0.1)	$ 454.1

	For the Three Months Ended December 31, 2024
(in millions)	Regulated Energy	Unregulated Energy	Other and Eliminations	Total
Operating Revenues	$ 153.7	$ 68.3	$ (7.0)	$ 215.0
Cost of Sales:
Natural gas, propane and electric costs	(38.6)	(29.2)	7.0	(60.8)
Depreciation & amortization	(9.3)	(4.6)	—	(13.9)
Operations & maintenance expense ⁽¹⁾	(12.9)	(8.8)	—	(21.7)
Gross Margin (GAAP)	92.9	25.7	—	118.6
Operations & maintenance expenses ⁽¹⁾	12.9	8.8	—	21.7
Depreciation & amortization	9.3	4.6	—	13.9
Adjusted Gross Margin (Non- GAAP)	$ 115.1	$ 39.1	$ —	$ 154.2

	For the Three Months Ended December 31, 2023
(in millions)	Regulated Energy	Unregulated Energy	Other and Eliminations	Total
Operating Revenues	$ 127.8	$ 64.2	$ (6.7)	$ 185.3
Cost of Sales:
Natural gas, propane and electric costs	(34.3)	(27.4)	6.7	(55.0)
Depreciation & amortization	(9.0)	(4.4)	—	(13.4)
Operations & maintenance expenses ⁽¹⁾	(3.9)	(7.6)	—	(11.5)
Gross Margin (GAAP)	80.6	24.8	—	105.4
Operations & maintenance expense ⁽¹⁾	3.9	7.6	—	11.5
Depreciation & amortization	9.0	4.4	—	13.4
Adjusted Gross Margin (Non- GAAP)	$ 93.5	$ 36.8	$ —	$ 130.3

⁽¹⁾Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under US GAAP.

Adjusted Net Income and Adjusted EPS

	Year Ended		Three Months Ended
	December 31,		December 31,
(dollars in millions, shares in thousands (except per share data))	2024	2023	2024	2023
Net Income (GAAP)	$ 118.6	$ 87.2	$ 36.7	$ 25.3
FCG transaction and transition-related expenses, net ⁽¹⁾	2.9	10.6	0.6	7.7
Adjusted Net Income (Non-GAAP)	$ 121.5	$ 97.8	$ 37.3	$ 33.0

Weighted average common shares outstanding - diluted ⁽²⁾	22,531	18,435	22,914	20,178

Earnings Per Share - Diluted (GAAP)	$ 5.26	$ 4.73	$ 1.60	$ 1.26
FCG transaction and transition-related expenses, net ⁽¹⁾	0.13	0.58	0.03	0.38
Adjusted Earnings Per Share - Diluted (Non- GAAP)	$ 5.39	$ 5.31	$ 1.63	$ 1.64

⁽¹⁾ Transaction and transition-related expenses represent non-recurring costs attributable to the acquisition and integration of FCG including, but not limited to, transaction costs, transition services, consulting, system integration, rebranding, and legal fees.

⁽²⁾ Weighted average shares reflect the impact of 4.4 million common shares issued in November 2023 in connection with the acquisition of FCG.

Operating Results for the Years Ended December 31, 2024 and 2023

Consolidated Results

	Year Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 567.4	$ 454.1	$ 113.3	25.0 %
Depreciation, amortization and property taxes	101.6	91.2	10.4	11.4 %
FCG transaction and transition-related expenses	4.0	10.4	(6.4)	(61.5) %
Other operating expenses	233.6	201.7	31.9	15.8 %
Operating income	$ 228.2	$ 150.8	$ 77.4	51.3 %

Operating income during 2024 was $228.2 million, an increase of $77.4 million or 51.3 percent compared to the prior year. Excluding transaction and transition-related expenses associated with the acquisition and integration of FCG, operating income increased $71.0 million or 44.0 percent compared to the prior year. The increase in adjusted gross margin during 2024 was driven by contributions from the acquisition of FCG, incremental margin from regulatory initiatives and infrastructure programs, natural gas organic growth and continued pipeline expansion projects, increased virtual pipeline services and increased margins from the Company's other unregulated businesses. Higher operating expenses during the year were driven largely by the operating expenses of FCG, increased insurance costs, higher facilities, maintenance and outside services costs, and increased vehicle expenses. Increases in depreciation, amortization and property taxes attributable to growth projects and the FCG acquisition were partially offset by a $15.5 million reserve surplus amortization mechanism ("RSAM") adjustment from FCG and lower depreciation rates that were approved as part of the rate filings for our Florida electric operations and Maryland natural gas utilities.

At December 31, 2024, the RSAM reserve had been completely utilized. In February 2025, FCG filed a depreciation study with the Florida PSC. The application is requesting approval of revised annual depreciation rates, as well as a reduction related to a reserve imbalance that would be amortized over a two-year period. The outcome of the application is subject to review and approval by the Florida PSC.

Regulated Energy Segment

	Year Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 439.2	$ 333.6	$ 105.6	31.7 %
Depreciation, amortization and property taxes	82.5	71.7	10.8	15.1 %
FCG transaction and transition-related expenses	4.0	10.4	(6.4)	(61.5) %
Other operating expenses	156.5	125.3	31.2	24.9 %
Operating income	$ 196.2	$ 126.2	$ 70.0	55.5 %

The key components of the increase in adjusted gross margin** are shown below:

(in millions)
Contribution from FCG	$ 88.6
Margin from regulated infrastructure programs	6.2
Natural gas growth including conversions (excluding service expansions)	5.8
Natural gas transmission service expansions, including interim services	5.2
Rate changes associated with Florida natural gas base rate proceeding ⁽¹⁾	1.6
Interim rates from recent rate case activities	0.9
Expiration of regulatory recovery for pandemic-related costs	(1.2)
Other variances	(1.5)
Year-over-year increase in adjusted gross margin**	$ 105.6

⁽¹⁾Includes adjusted gross margin contributions from permanent base rates that became effective in March 2023.

The major components of the increase in other operating expenses are as follows:

(in millions)
FCG operating expenses	$ 30.6
Facilities expenses, maintenance costs and outside services	1.3
Insurance-related costs	1.0
Payroll, benefits and other employee-related expenses	(1.0)
Other variances	(0.7)
Year-over-year increase in other operating expenses	$ 31.2

Unregulated Energy Segment

	Year Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 128.2	$ 120.6	$ 7.6	6.3 %
Depreciation, amortization and property taxes	19.1	19.5	(0.4)	(2.1) %
Other operating expenses	77.4	76.7	0.7	0.9 %
Operating income	$ 31.7	$ 24.4	$ 7.3	29.9 %

The major components of the change in adjusted gross margin** are shown below:

(in millions)
Propane Operations
Increased propane customer consumption		$ 1.8
Contributions from acquisition		1.0
Decreased propane margins and service fees		(0.3)
CNG/RNG/LNG Transportation and Infrastructure
Increased demand for virtual pipeline services		4.5
Aspire Energy
Increased margins - rate changes and gathering fees		1.6
Changes in customer consumption		(1.4)
Other variances		0.4
Year-over-year increase in adjusted gross margin**		$ 7.6

The major components of the increase in other operating expenses are as follows:

(in millions)
Vehicle expenses		$ 0.9
Insurance-related costs		0.6
Payroll, benefits and other employee-related expenses		(1.0)
Other variances		0.2
Year-over-year increase in other operating expenses		$ 0.7

Operating Results for the Quarters Ended December 31, 2024 and 2023

Consolidated Results

	Three Months Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 154.2	$ 130.3	$ 23.9	18.3 %
Depreciation, amortization and property taxes	23.8	20.3	3.5	17.2 %
FCG transaction and transition-related expenses	0.9	6.5	(5.6)	(86.2) %
Other operating expenses	62.6	56.2	6.4	11.4 %
Operating income	$ 66.9	$ 47.3	$ 19.6	41.4 %

Operating income for the fourth quarter of 2024 was $66.9 million, an increase of $19.6 million or 41.4 percent compared to the same period in 2023. Excluding transaction and transition-related expenses associated with the acquisition and integration of FCG, operating income increased $14.0 million or 26.0 percent compared to the same period in 2023. The increase in adjusted gross margin during the quarter was driven by contributions from the acquisition of FCG, increased virtual pipeline services, incremental margin from regulated infrastructure programs, continued pipeline expansion projects, and natural gas organic growth. Higher operating expenses were driven largely by the operating expenses of FCG, increased facilities, maintenance and outside services costs, and higher insurance expenses compared to the prior-year period. Increases in depreciation, amortization and property taxes attributable to growth projects and FCG were partially offset by a $6.6 million RSAM adjustment from FCG and lower depreciation rates that were approved as part of the rate filings for our Florida electric operations and Maryland natural gas utilities.

Regulated Energy Segment

	Three Months Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 115.1	$ 93.5	$ 21.6	23.1 %
Depreciation, amortization and property taxes	18.8	15.2	3.6	23.7 %
FCG transaction and transition-related expenses	0.9	6.5	(5.6)	(86.2) %
Other operating expenses	41.8	37.4	4.4	11.8 %
Operating income	$ 53.6	$ 34.4	$ 19.2	55.8 %

The key components of the increase in adjusted gross margin** are shown below:

(in millions)
Contribution from FCG	$ 16.9
Margin from regulated infrastructure programs	1.8
Natural gas growth including conversions (excluding service expansions)	1.6
Natural gas transmission service expansions, including interim services	1.5
Interim rates from recent rate case activities	0.9
Other variances	(1.1)
Period-over-period increase in adjusted gross margin**	$ 21.6

The major components of the increase in other operating expenses are as follows:

(in millions)
FCG operating expenses	$ 5.2
Facilities expenses, maintenance costs and outside services	0.8
Payroll, benefits and other employee-related expenses	(1.1)
Other variances	(0.5)
Period-over-period increase in other operating expenses	$ 4.4

Unregulated Energy Segment

	Three Months Ended December 31,
(in millions)	2024	2023	Change	Percent Change
Adjusted gross margin**	$ 39.1	$ 36.8	$ 2.3	6.3 %
Depreciation, amortization and property taxes	5.0	5.0	—	— %
Other operating expenses	21.0	18.9	2.1	11.1 %
Operating income	$ 13.1	$ 12.9	$ 0.2	1.6 %

The major components of the increase in adjusted gross margin** are shown below:

(in millions)
Propane Operations
Increased propane customer consumption		$ 0.5
Contribution from acquisitions		0.3
Decreased propane margins and service fees		(0.8)
CNG/RNG/LNG Transportation and Infrastructure
Increased demand for virtual pipeline services		2.9
Aspire Energy
Increased margins - rate changes and gathering fees		0.3
Changes in customer consumption		(1.4)
Other variances		0.5
Quarter-over-quarter increase in adjusted gross margin**		$ 2.3

The major components of the increase in other operating expenses are as follows:

(in millions)
Facilities expenses, maintenance costs and outside services		$ 0.7
Payroll, benefits and other employee-related expenses		0.6
Insurance-related costs		0.2
Other variances		0.6
Quarter-over-quarter increase in other operating expenses		$ 2.1

Forward-Looking Statements

Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2024 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.

Conference Call

Chesapeake Utilities (NYSE: CPK) will host a conference call on Thursday, February 27, 2025 at 8:30 a.m. Eastern Time to discuss the Company's financial results for the fourth quarter and year ended December 31, 2024. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:

Toll-free: 800.579.2543
International: 785.424.1789
Conference ID: CPKQ424

A replay of the presentation will be made available on the previously noted website following the conclusion of the call.

About Chesapeake Utilities Corporation

Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.

For more information, contact:

Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
302.734.6022

Michael D. Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036

Lucia M. Dempsey
Head of Investor Relations
347.804.9067

Financial Summary
(dollars in millions, shares in thousands (except per-share data))

	Year Ended		Three months ended
	December 31,		December 31,
	2024	2023	2024	2023
Adjusted Gross Margin
Regulated Energy segment	$ 439.2	$ 333.6	$ 115.1	$ 93.5
Unregulated Energy segment	128.2	120.6	39.1	36.8
Other businesses and eliminations	—	(0.1)	—	—
Total Adjusted Gross Margin**	$ 567.4	$ 454.1	$ 154.2	$ 130.3

Operating Income
Regulated Energy segment	$ 196.2	$ 126.2	$ 53.6	$ 34.4
Unregulated Energy segment	31.7	24.4	13.1	12.9
Other businesses and eliminations	0.3	0.2	0.2	—
Total Operating Income	228.2	150.8	66.9	47.3
Other income, net	2.0	1.4	0.3	0.4
Interest charges	68.4	36.9	17.5	15.7
Income Before Income Taxes	161.8	115.3	49.7	32.0
Income taxes	43.2	28.1	13.0	6.7
Net Income	$ 118.6	$ 87.2	$ 36.7	$ 25.3

Earnings Per Share of Common Stock
Basic	$ 5.28	$ 4.75	$ 1.60	$ 1.26
Diluted	$ 5.26	$ 4.73	$ 1.60	$ 1.26

Adjusted Net Income and Adjusted Earnings Per Share
Net Income (GAAP)	$ 118.6	$ 87.2	$ 36.7	$ 25.3
FCG transaction and transition-related expenses, net ⁽²⁾	2.9	10.6	0.6	7.7
Adjusted Net Income (Non-GAAP)**	$ 121.5	$ 97.8	$ 37.3	$ 33.0

Weighted average common shares outstanding - diluted ⁽¹⁾	22,531	18,435	22,914	20,178

Earnings Per Share - Diluted (GAAP)	$ 5.26	$ 4.73	$ 1.60	$ 1.26
FCG transaction and transition-related expenses, net ⁽²⁾	0.13	0.58	0.03	0.38
Adjusted Earnings Per Share - Diluted (Non- GAAP)**	$ 5.39	$ 5.31	$ 1.63	$ 1.64

⁽¹⁾ Weighted average shares reflect the impact of 4.4 million common shares issued in November 2023 in connection with the acquisition of FCG.

⁽²⁾ Transaction and transition-related expenses represent costs attributable to the acquisition and integration of FCG including, but not limited to, transaction costs, transition services, consulting, system integration, rebranding and legal fees.

Financial Summary Highlights

Key variances in operations between 2023 and 2024 included:

(in millions, except per share data)	Pre-tax Income	Net Income	Earnings Per Share
Year ended December 31, 2023 Adjusted Results**	$ 129.7	$ 97.8	$ 5.31

Non-recurring Items:
Absence of one-time benefit associated with reduction in state tax rate	—	(2.5)	(0.13)
	—	(2.5)	(0.13)

Increased (Decreased) Adjusted Gross Margins:
Contributions from acquisition	89.6	65.7	2.91
Margin from regulated infrastructure programs*	6.2	4.6	0.20
Natural gas growth (excluding service expansions)	5.8	4.2	0.19
Natural gas transmission service expansions, including interim services*	5.2	3.8	0.17
Increased demand for virtual pipeline services	4.5	3.3	0.15
Rate changes associated with Florida natural gas base rate proceeding*	1.6	1.2	0.05
Improved Aspire Energy performance - rate changes and gathering fees	1.6	1.1	0.05
Interim rates from recent rate case activities*	0.9	0.7	0.03
Changes in customer consumption	0.3	0.2	0.01
Reduced propane margins per gallon and fees	(0.3)	(0.2)	(0.01)
Expiration of regulatory recovery for pandemic-related costs	(1.2)	(0.9)	(0.04)
	114.2	83.7	3.71

(Increased) Decreased Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
FCG operating expenses	(37.8)	(27.7)	(1.23)
Depreciation, amortization and property taxes	(3.2)	(2.3)	(0.10)
Increased insurance-related costs	(1.6)	(1.2)	(0.05)
Facilities expenses, maintenance costs and outside services	(1.4)	(1.0)	(0.05)
Increased vehicle expenses	(0.9)	(0.7)	(0.03)
Payroll, benefits and other employee-related expenses	2.0	1.5	0.07
	(42.9)	(31.4)	(1.39)

Interest charges	(35.5)	(26.0)	(1.15)
Increase in shares outstanding due to 2024 and 2023 equity issuances***	—	—	(0.96)
Net other changes	0.3	(0.1)	—
	(35.2)	(26.1)	(2.11)
Year ended December 31, 2024 Adjusted Results**	$ 165.8	$ 121.5	$ 5.39


*	See the Major Projects and Initiatives table for additional information.
**	Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
***	Reflects the impact of 4.4 million common shares issued in November 2023 in connection with the acquisition of FCG and shares also issued in 2024.

Key variances between the fourth quarter of 2023 and the fourth quarter of 2024 included:

(in millions, except per share data)	Pre-tax Income	Net Income	Earnings Per Share
Fourth quarter of 2023 Adjusted Results**	$ 42.6	$ 33.0	$ 1.64

Non-recurring Items:
Absence of one-time benefit associated with reduction in state tax rate	—	(1.2)	(0.06)
	—	(1.2)	(0.06)

Increased (Decreased) Adjusted Gross Margins:
Contribution from acquisitions	17.1	12.7	0.55
Increased demand for virtual pipeline services	2.9	2.2	0.10
Margins from regulated infrastructure programs*	1.8	1.3	0.06
Natural gas growth including conversions (excluding service expansions)	1.6	1.2	0.05
Natural gas transmission service expansions, including interim services*	1.5	1.1	0.05
Interim rates from recent rate case activities*	0.9	0.7	0.03
Improved Aspire Energy performance - rate changes and gathering fees	0.3	0.2	0.01
Reduced propane margins and fees	(0.8)	(0.6)	(0.03)
Changes in customer consumption	(0.9)	(0.7)	(0.03)
	24.4	18.1	0.79

(Increased) Decreased Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
FCG operating expenses	(9.0)	(6.6)	(0.29)
Facilities expenses, maintenance costs and outside services	(1.5)	(1.1)	(0.05)
Increased insurance-related costs	(0.5)	(0.3)	(0.01)
Payroll, benefits and other employee-related expenses	0.5	0.4	0.02
	(10.5)	(7.6)	(0.33)

Interest charges	(5.9)	(4.4)	(0.19)
Increase in shares outstanding due to 2024 and 2023 equity issuances***	—	—	(0.20)
Net other changes	(0.1)	(0.6)	(0.02)
	(6.0)	(5.0)	(0.41)
Fourth quarter of 2024 Adjusted Results**	$ 50.5	$ 37.3	$ 1.63


*	See the Major Projects and Initiatives table for additional information.
**	Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
***	Reflects the impact of 4.4 million common shares issued in November 2023 in connection with the acquisition of FCG and shares also issued in 2024.

Recently Completed and Ongoing Major Projects and Initiatives

The Company continuously pursues and develops additional projects and regulatory initiatives to serve existing and new customers, further grow its businesses and earnings, and increase shareholder value. The following table includes the major projects and initiatives that are currently underway or recently completed. The Company's practice is to add incremental margin associated with new projects and regulatory initiatives to this table once negotiations or details are substantially final and/or the associated earnings can be estimated. Major projects and initiatives that have generated consistent year-over-year adjusted gross margin contributions are removed from the table at the beginning of the next calendar year.

The related descriptions of projects and initiatives that accompany the table include only new items and/or items where there have been significant developments, as compared to the prior year. A comprehensive discussion of all projects and initiatives reflected in the table below can be found in the Company's 2024 Annual Report on Form 10-K.

Year Ended December 31,

Estimate for Calendar Year

(in millions)

2023

2024

2025

2026

Pipeline Expansions:

Southern Expansion

$ 0.6

$ 2.3

$ 2.3

Beachside Pipeline Expansion

1.8

2.4

2.4

St. Cloud / Twin Lakes Expansion

0.3

0.6

2.8

3.8

Wildlight

0.5

1.5

3.0

4.3

Lake Wales

0.3

0.5

0.5

Newberry

—

1.4

2.6

Worcester Resiliency Upgrade

—

3.0

13.7

Boynton Beach

—

3.1

3.4

New Smyrna Beach

—

1.7

2.6

Central Florida Reinforcement

—

0.1

2.0

4.3

Warwick

—

0.4

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CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2024 RESULTS

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