Chesapeake Utilities Corporation (CPK - Free Report) reported second-quarter 2016 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 49 cents by 6.1%. Reported earnings also grew 26.8% year over year on the back of higher earnings from the Regulated and Unregulated Energy segments.
Total Revenue
Chesapeake Utilities’ total revenue of $102.3 million beat the Zacks Consensus Estimate of $101 million by a marginal 1.3%. Revenues were also up 10.4% from $92.7 million in the prior-year quarter.
Revenues at Regulated Energy climbed 8.5%, while Unregulated Energy revenues increased 14%.
Quarterly Highlights
Chesapeake Utilities’ operating expenses stood at $86.6 million, up 8.9% from $79.5 million.
Operating income came in at $15.7 million in the second quarter, up 18.9%.
The company incurred interest expense of $2.6 million, up 4% from $2.5 million in the prior-year quarter.
Financial Condition
As of Jun 30, 2016, Chesapeake Utilities had cash and cash equivalents of $3.3 million, compared with $2.9 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) was $143.9 million as of Jun 30, 2016, down from the 2015-end level of $149 million.
Capital expenditures in the first six months of 2016 were$70.3 million, down from $629.4 million a year ago.
Guidance
The company projects capital expenditure of $179.3 million in 2016.
Peer Releases
ONEOK Inc. (OKE - Free Report) reported second-quarter 2016 operating earnings of 40 cents per share, missing the Zacks Consensus Estimate of 42 cents by 4.8%.
Vectren Corporation reported second-quarter 2016 operating earnings of 39 cents per share, missing the Zacks Consensus Estimate of 42 cents by 7.1%.
An Upcoming Peer Release
Clean Energy Fuels Corp. (CLNE - Free Report) is scheduled to report second-quarter earnings on Aug 9.The Zacks Consensus Estimate stands at a loss of 14 cents.
Zacks Rank
Chesapeake Utilities carries a Zacks Rank #2 (Buy).
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Chesapeake Utilities Corporation (CPK - Free Report) reported second-quarter 2016 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 49 cents by 6.1%. Reported earnings also grew 26.8% year over year on the back of higher earnings from the Regulated and Unregulated Energy segments.
Total Revenue
Chesapeake Utilities’ total revenue of $102.3 million beat the Zacks Consensus Estimate of $101 million by a marginal 1.3%. Revenues were also up 10.4% from $92.7 million in the prior-year quarter.
Revenues at Regulated Energy climbed 8.5%, while Unregulated Energy revenues increased 14%.
Quarterly Highlights
Chesapeake Utilities’ operating expenses stood at $86.6 million, up 8.9% from $79.5 million.
Operating income came in at $15.7 million in the second quarter, up 18.9%.
The company incurred interest expense of $2.6 million, up 4% from $2.5 million in the prior-year quarter.
Financial Condition
As of Jun 30, 2016, Chesapeake Utilities had cash and cash equivalents of $3.3 million, compared with $2.9 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) was $143.9 million as of Jun 30, 2016, down from the 2015-end level of $149 million.
Capital expenditures in the first six months of 2016 were$70.3 million, down from $629.4 million a year ago.
Guidance
The company projects capital expenditure of $179.3 million in 2016.
Peer Releases
ONEOK Inc. (OKE - Free Report) reported second-quarter 2016 operating earnings of 40 cents per share, missing the Zacks Consensus Estimate of 42 cents by 4.8%.
Vectren Corporation reported second-quarter 2016 operating earnings of 39 cents per share, missing the Zacks Consensus Estimate of 42 cents by 7.1%.
An Upcoming Peer Release
Clean Energy Fuels Corp. (CLNE - Free Report) is scheduled to report second-quarter earnings on Aug 9.The Zacks Consensus Estimate stands at a loss of 14 cents.
Zacks Rank
Chesapeake Utilities carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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