Chesapeake Utilities (CPK) Q2 Earnings Lag, Revenues Top
Zacks Investment Research | Aug 03, 2017 04:26AM ET
Chesapeake Utilities Corporation (NYSE:CPK) reported second-quarter 2017 operating earnings of 37 cents missing the Zacks Consensus Estimate of 55 cents. Moreover, reported earnings were below the year-ago figure of 52 cents by 28.8%.
Total Revenue
Chesapeake Utilities’ total revenue of $125.1 million beat the Zacks Consensus Estimate of $117 million by 6.9%. Further, revenues were up 22.3% from $102.3 million in the prior-year quarter.
Revenues at Regulated Energy increased 2.2%, and Unregulated Energy revenues increased 13.2%.
Quarterly Highlights
Chesapeake Utilities’ operating expenses were pegged at $111.4 million, up 28.6% from $86.6 million a year ago.
Operating income came in at $13.7 million in the second quarter, down 12.7%.
The company incurred interest expense of $3.1 million, up 19.2% from $2.6 million in the prior-year quarter.
Financial Condition
As of Jun 30, 2017, Chesapeake Utilities had cash and cash equivalents of $2.4 million, compared with $4.2 million as of Dec 31, 2016.
Long-term debt (excluding current maturities) was $201.6 million as of Jun 30, 2017, up from the 2016-end level of $136.9 million.
Chesapeake Utilities Corporation Price, Consensus and EPS Surprise
Zacks Rank
Chesapeake Utilities Corporation currently carries a Zacks Rank #4 (Sell).
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