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Chesapeake Utilities (CPK) Q2 Earnings Lag, Revenues Top
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Chesapeake Utilities Corporation (CPK - Free Report) 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
ONEOK Inc. (OKE - Free Report) 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 - Free Report) reported second-quarter 2017 operating earnings of 22 cents per share, missing the Zacks Consensus Estimate of 25 cents by 12%.
Chesapeake Utilities Corporation currently carries a Zacks Rank #4 (Sell).
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Chesapeake Utilities (CPK) Q2 Earnings Lag, Revenues Top
Chesapeake Utilities Corporation (CPK - Free Report) 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
Chesapeake Utilities Corporation Price, Consensus and EPS Surprise | Chesapeake Utilities Corporation Quote
Peer Releases
ONEOK Inc. (OKE - Free Report) 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 - Free Report) 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 - Free Report) 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).
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>