Chesapeake Utilities Corporation (NYSE:CPK) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET
Company Participants
Beth Cooper – Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
Jeff Householder – Chairman, President and Chief Executive Officer
Jim Moriarty – Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer
Conference Call Participants
Paul Fremont – Ladenburg
Brian Russo – Sidoti
Chris Ellinghaus – Siebert Williams Shank
Operator
Good day, and welcome to the Chesapeake Utilities' Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time all participants have been placed on a listen-only mode and the floor will be opened for your questions following the presentation. [Operator Instructions]
I would now like to turn the call over to Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary. Please go ahead.
Beth Cooper
Thank you, and good morning, everyone. I'm Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary of Chesapeake Utilities. We appreciate you joining us today for our fourth quarter and full year 2023 earnings call. Today's presentation can be accessed on our website under the Investors page and Events and Presentation subsection. After our prepared remarks, as we typically do, we will open the call up for questions.
As you saw in our press release, we delivered excellent performance in 2023. Our incremental earnings from regulatory initiatives and growth investments, including one month of results from Florida City Gas, more than offset lower energy consumption due to warmer temperatures across our service territories, along with the year's significant increase in interest costs. These items are detailed within the financial results that we will cover in just a few minutes. With me today are Jeff Householder, Chairman of the Board, President and Chief Executive Officer; and Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer; as well as other members of our management team who are joining us remotely.
On Slide 3, we have our typical disclaimers. I would like to remind you that matters discussed in this conference call may include forward-looking statements that involve risks and uncertainties. Forward-looking statements and projections could differ materially from our actual results. The safe harbor for forward-looking statements section of the company's 2023 annual report on Form 10-K provides further information on the factors that could cause such statements to differ from our actual results. Additionally, the company evaluates its performance based on certain non-GAAP measures, including adjusted gross margin, adjusted net income and adjusted earnings per share, and the accompanying information includes the appropriate disclosures in accordance with the SEC's Regulation G. A reconciliation of these non-GAAP measures to the related GAAP measures has been provided in the appendix of this presentation, our earnings release and our 2023 Form 10-K.