Chesapeake Utilities Corporation (CPK - Free Report) reported first-quarter 2018 operating earnings of $1.40 per share, which beat the Zacks Consensus Estimate of $1.34 by 4.48%.
The company reported GAAP earnings of $1.64 per share, which improved from the year-ago quarter’s figure of $1.17 by 40.2%. Adjustments included a realized MTM gain of 24 cents.
Chesapeake Utilities’ total revenues of $239.4 million beat the Zacks Consensus Estimate of $207 million by 15.6%. Further, revenues rose 29.3% from $185.2 million in the prior-year quarter.
The top line improved on higher revenues in Regulated Energy, Unregulated Energy and other segments.
Chesapeake Utilities’ operating expenses were $198.9 million, up 32.6% from $150 million in the year-ago quarter.
The company incurred interest expenses of $3.6 million, up 33.7% from $2.7 million in the prior-year quarter.
Operating income came in at $40.4 million, up 15.1% from $35 million in the prior-year quarter.
As of Mar 31, 2018, Chesapeake Utilities had cash and cash equivalents of $5.99 million compared with $5.61 million as of Dec 31, 2017.
Long-term debt (excluding current maturities) was $222 million as of Mar 31, 2018, up from the 2017-end level of $197.4 million.
Chesapeake Utilities carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility - Gas Distribution Releases
ONEOK Inc (OKE - Free Report) posted first-quarter 2018 operating earnings of 64 cents per share, beating the Zacks Consensus Estimate of 62 cents by 3.32%.
Sempra Energy’s (SRE - Free Report) first-quarter 2018 adjusted earnings per share of $1.43 lagged the Zacks Consensus Estimate of $1.67 by 14.4%.
MDU Resources Group Inc. (MDU - Free Report) reported first-quarter 2018 operating earnings of 22 cents per share, beating the Zacks Consensus Estimate of 21 cents.
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