Chesapeake Utilities (CPK) FY2022 results: revenue $681 million, up 19.4% on the year

Chesapeake Utilities Corp. (CPK) reported revenue of $681 million for fiscal 2022, the year ended 31 December 2022, up 19.4% on the year before. Net income was $90 million, up 7.6%, and diluted earnings per share $5.04. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$681 million

+19.4% on the year

FY2015FY2022

Operating margin

21.0%

23.0% a year earlier

FY2015FY2022

Net income

$90 million

+7.6% on the year

FY2015FY2022

Diluted EPS

$5.04

+6.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	681	570	488	+19.4%
Operating income	143	131	113	+9.0%
Operating margin	21.0%	23.0%	23.1%
Interest expense	24.4	20.1	21.8	+21.0%
Pre-tax income	124	113	94.2	+9.7%
Income tax	33.8	29.2	23.5	+15.7%
Effective tax rate	27.4%	25.9%	25.0%
Net income	89.8	83.5	71.5	+7.6%
Net margin	13.2%	14.6%	14.6%
Diluted EPS	$5.04	$4.73	$4.26	+6.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	159	151	159	+5.6%
Capital expenditure	128	187	166	-31.4%
Free cash flow	30.6	-36.4	-6.6
Free cash flow margin	4.5%	-6.4%	-1.4%
Cash from investing	-136	-223	-182
Cash from financing	-21.2	74.0	19.2
Depreciation and amortisation	69.0	62.7	58.1	+10.1%
Share-based compensation	6.4	5.9	4.8	+7.7%
Buybacks	-4.5	-15.9	-22.6
Dividends paid	35.1	31.5	27.2	+11.4%
Dividend per share	$2.08	$1.88	$1.73	+10.9%
Diluted shares, weighted	18m	18m	17m	+1.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	833	774	697	+7.6%
Debt	802	789	698	+1.6%
Operating lease liabilities	12.4	8.6	9.9	+44.6%
Other liabilities	568	543	528	+4.6%
Total liabilities and equity	2,215	2,115	1,932	+4.7%
Fixed assets	1,810	1,745	1,601	+3.8%
Goodwill	46.2	44.7	38.7	+3.4%
Intangible assets	17.9	13.2	8.3	+35.4%
Cash and equivalents	6.2	5.0	3.5	+24.7%
Receivables	62.9	58.5	56.9	+7.5%
Other assets	271	249	224	+9.2%
Total assets	2,215	2,115	1,932	+4.7%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.