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.
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%.
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.
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.
The company projects capital expenditure of $179.3 million in 2016.
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.
Chesapeake Utilities carries a Zacks Rank #2 (Buy).
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