Chesapeake Utilities CorporationCPK reported second-quarter 2018 operating earnings of 48 cents per share, which missed the Zacks Consensus Estimate of 49 cents by 2.04%. However, the figure improved 29.7% year over year. The upside can be attributed to the benefits of investments in system expansions and reliability as well as consistent growth in regulated natural gas and electric operations.
The company reported GAAP earnings of 39 cents, which improved from the year-ago quarter's figure of 37 cents by 5.4%.
Chesapeake Utilities' revenues amounted to $136.7 million, which missed the Zacks Consensus Estimate of $141 million by 3%. The figure rose 9.3% from $125.1 million in the prior-year quarter.
Chesapeake Utilities Corporation Price, Consensus and EPS Surprise
Chesapeake Utilities' operating expenses were $123.4 million, up 11.2% from $111 million in the year-ago quarter.
The company incurred interest charges of $3.9 million, up 25.8% from $3.1 million in the prior-year quarter.
Operating income came in at $13.2 million, down 6.4% from $14.1 million in the prior-year quarter.
As of Jun 30, 2018, Chesapeake Utilities had cash and cash equivalents of $4.51 million compared with $5.61 million as of Dec 31, 2017.
Long-term debt (excluding current maturities) was $241.6 million as of Jun 30, 2018, up from $197.4 million at the end of 2017.
Chesapeake Utilities carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Utility - Gas Distribution Releases
ONEOK Inc OKE delivered second-quarter 2018 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 1.5%
Sempra Energy's SRE second-quarter 2018 adjusted earnings per share (EPS) came in at $1.35, beating the Zacks Consensus Estimate of $1.17 by 15.4%.
MDU Resources Group Inc MDU reported second-quarter 2018 operating earnings of 22 cents per share, missing the Zacks Consensus Estimate of 28 cents by 21.43%
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.