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Chesapeake Utilities (CPK) Q2 Earnings Lag, Revenues Top

Chesapeake Utilities Corporation 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 1.4 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

Peer Releases

ONEOK Inc. OKE reported second-quarter 2017 operating earnings of 33 cents per share, missing the Zacks Consensus Estimate of 45 cents by 26.7%.

MDU Resources Group Inc. MDU reported second-quarter 2017 operating earnings of 22 cents per share, missing the Zacks Consensus Estimate of 25 cents by 12%.

Upcoming Peer Release

Sempra Energy’s SRE Zacks Consensus Estimate is pegged at 80 cents. It is expected to report second-quarter 2017 earnings on Aug 4. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks Rank

Chesapeake Utilities Corporation currently carries a Zacks Rank #4 (Sell).

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