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- **EPS Guidance Confirmed**: $6.11-$6.35 per share for 2025, contingent on successful Florida depreciation study outcome.
- **Capital Spending Accelerated**: $425-450 million capex, +$25 million for ERP and natural gas expansion.
- **Customer Growth Outperforming**: 4.3% Delmarva, 3.9% Florida utility growth vs. industry averages.
- **Ohio Data Center Expansion**: Pipeline project with AEP; Ohio ranked top for data center growth.
- **Financial Strength**: 49% equity, $755 million liquidity, 7% dividend growth.

**CEO Summary Section**
- Reported adjusted EPS of $0.82 for Q3 2025, up 8% year-to-date, with full year guidance reaffirmed at $6.11-$6.35 per share.
- Capital expenditure guidance increased to $425-450 million, up $25 million, driven by new projects and ERP investments.
- Customer growth of 4.3% in Delmarva and 3.9% in Florida Public Utilities, with 400+ distribution projects completed year-to-date.
- Expansion into Ohio data centers and propane distribution for school buses highlights strategic growth opportunities.

**CFO Financial Commentary**
- Adjusted gross margin up 12% to $137 million, with $14 million from infrastructure investments in Q3.
- Operating expenses at 34% of gross margin, down from 37% in Q3 2024, reflecting cost control.
- $200 million debt issuance at 5.04% coupon, maintaining 49% equity capitalization and strong liquidity.
- Dividend policy targets 45-50% payout, supporting 7% annual dividend growth.

**Q&A Key Highlights**
- **Depreciation Study Update**: Success of Florida City Gas depreciation study (expected by Feb 2026) critical to hitting upper half of EPS guidance. $19 million excess reserve at stake.
- **Ohio Growth**: Pipeline project with AEP for data center; Ohio ranked 5th for data center potential, supported by in-state gas supplies.
- **Capital Allocation**: 2026 budget includes $15 million for ERP, with 2025-2028 5-year capex plan at $1.5-1.8 billion.
- **Regulatory Risk**: Delaware rate case settled, Florida depreciation study faces opposition but 70% of 2025 capex requires no regulatory approval.

Chesapeake Utilities Corporation (CPK) Q3 2025 Earnings Call Transcript

Revenue

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Net Income

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CPK

CPK fundamentals

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