Chesapeake Utilities Corp.
) reported second-quarter 2013 operating earnings of 53 cents per
share, down 7.2% from the Zacks Consensus Estimate of 57 cents.
Earnings were a penny higher than the year-ago figure.
The slight year-over-year rise was the effect of continued
investments in its businesses.
Total revenue at the end of the second quarter was $94.1 million,
up 12.2% from $83.9 million in the year-ago period. The
year-over-year beat was primarily due to better performance at
its Unregulated Energy segment, which offset the 0.6% decline in
Regulated Energy revenues.
Revenues were also 8.2% higher than the Zacks Consensus Estimate
of $87 million.
Highlights of the Release
Total operating expenses were $84.9 million, up 15.7% from $73.4
million incurred in the year-ago period.
Operating income was $9.1 million, down 12.5% from $10.5 million
in the year-ago quarter.
Interest expenses decreased to $2.01 million from $2.24 million
in the year-ago quarter.
Cash and cash equivalents as of Jun 30, 2013, were $2.2 million
versus $3.4 million as of Dec 31, 2012.
Long-term debt was $107.7 million as of Jun 30, 2013, compared
with $101.9 million as of Dec 31, 2012.
Cash flow from operating activities in the first half of 2013 was
$54.1 million versus $60.8 million in the comparable period of
Other Company Releases
Atmos Energy Corp
) third quarter fiscal 2013 earnings of 42 cents surpassed the
Zacks Consensus Estimate of 37 cents by 13.51%.
) second quarter earnings of 22 cents were in line with the Zacks
Southwest Gas Corp
) second quarter earnings of 13 cents were 85.7% higher than the
Zacks Consensus Estimate of 7 cents.
Chesapeake Utilities continues to make investments to upgrade and
maintain its natural gas distribution and transmission systems.
Besides organic investments, this energy company is also making
strategic acquisitions. In May, the company purchased the
operating assets of Eastern Shore Gas Company and its affiliates
for $16.5 million and, in Jun 2013, it acquired the operating
assets of Austin Cox Home Services, Inc. for $0.6 million.
These strategic initiatives in a way will help to maintain the
momentum and expand its footprint and serve a larger customer
base. Chesapeake Utilities Corp. presently carries a Zacks Rank
ATMOS ENERGY CP (ATO): Free Stock Analysis
CHESAPEAKE UTIL (CPK): Free Stock Analysis
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SOUTHWEST GAS (SWX): Free Stock Analysis
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