DOVER, Del. -- Chesapeake Utilities Corporation announced today that it’s net income for 2016 was $44.7 million, which is $3.5 million more than 2015.
The increase came in spite of 2016’s warmer temperatures and the company’s losses from Xeron gas.
Chesapeake saw growth in its natural gas transmission and distribution businesses, including Aspire Energy of Ohio, Combined Heat & Power, and Florida Gas Reliability Infrastructure Program. It also saw higher propane gas sales from the company's Delmarva Peninsula business.
For the fourth quarter of 2016, the company reported net income of $11.9 million, or $0.73 per share, an increase of $3.2 million, or $0.17 per share, compared to the same quarter in 2015.
"This accomplishment flows from the strategic investments we have made to propel diversified growth in our energy businesses," CEO Michael P. McMasters said. "Our employees' creative energy has produced this powerful growth; their hard work, service ethic and financial discipline have driven our ten years of success.”