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Chesapeake Utilities (CPK) Misses on Q3 Earnings & Revenues

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Chesapeake Utilities Corporation (CPK - Free Report) reported third-quarter 2018 operating earnings of 34 cents per share, which missed the Zacks Consensus Estimate of 48 cents by 29.2%.  The quarterly figure fell 19% year over year. Third-quarter earnings were hurt by seasonality, lower propane margins and lower operating income from Peninsula Energy Services Company, Inc (PESCO).

Total Revenues

Chesapeake Utilities’ revenues amounted to $140.3 million, which missed the Zacks Consensus Estimate of $143 million by 1.9%. The figure rose 10.5% from $126.9 million in the prior-year quarter.

Quarterly Highlights

Chesapeake Utilities’ operating expenses were $128.2 million, up 14.2% from $112.3 million in the year-ago quarter.

The company incurred interest charges of $4.4 million, up 33.3% from $3.3 million in the prior-year quarter.

Operating income came in at $12 million, down 17.7% from $14.6 million in the prior-year quarter.  

Financial Condition

As of Sep 30, 2018, Chesapeake Utilities had cash and cash equivalents of $6.2 million compared with $5.6 million as of Dec 31, 2017.

Long-term debt (excluding current maturities) was $241.6 million as of Sep 30, 2018, up from $197.4 million at the end of 2017.

Zacks Rank

Chesapeake Utilities carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility - Gas Distribution Releases

ONEOK Inc (OKE - Free Report) posted third-quarter 2018 operating earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 71 cents by 5.63%.

Sempra Energy’s (SRE - Free Report) third-quarter 2018 adjusted earnings per share came in at $1.23, beating the Zacks Consensus Estimate of $1.13 by 8.8%.

MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2018 operating earnings of 55 cents per share, which missed the Zacks Consensus Estimate of 56 cents by 1.79%.

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