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Chesapeake Utilities (CPK) Q1 Earnings Miss, Revenues Beat

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Chesapeake Utilities Corporation (CPK - Free Report) reported first-quarter 2017 operating earnings of $1.17 missing the Zacks Consensus Estimate of $1.46. Moreover, reported earnings were below the year-ago figure of $1.33 by 12.03%.

Total Revenue

Chesapeake Utilities’ total revenue of $185.2 million beat the Zacks Consensus Estimate of $159.7 million by 15.9%. Further, revenues were up 26.57% from $146.3 million in the prior-year quarter. Revenues at Regulated Energy climbed 5.7%, and Unregulated Energy revenues increased 16%.

Quarterly Highlights

Chesapeake Utilities’ operating expenses were pegged at $150.5 million, up 36.9% from $109.9 million a year ago.

Operating income came in at $34.6 million in the first quarter, down 4.9%.

The company incurred interest expense of $2.7 million, up 3.4% from $2.6 million in the prior-year quarter.

Chesapeake Utilities Corporation Price, Consensus and EPS Surprise

Financial Condition

As of Mar 31, 2017, Chesapeake Utilities had cash and cash equivalents of $5.7 million, compared with $4.2 million as of Dec 31, 2016.

Long-term debt (excluding current maturities) was $136.5 million as of Mar 31, 2017, down from the 2016-end level of $136.9 million.

Upcoming Peer Releases

South Jersey Industries, Inc. currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate is pegged at 81 cents. It is expected to report first-quarter 2017 earnings on May 9.

Clean Energy Fuels Corp. (CLNE - Free Report) currently carries a Zacks Rank of #3 (Hold). The Zacks Consensus Estimate is pegged at a loss of 13 cents. It is expected to report first-quarter 2017 earnings on May 4.

Sempra Energy (SRE - Free Report) currently carries a Zacks Rank of #3. The Zacks Consensus Estimate is pegged at $1.59. It is expected to report first-quarter 2017 earnings on May 9.

Zacks Rank

Chesapeake Utilities Corporation currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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