Chesapeake Utilities Corporation (NYSE:CPK) reported third-quarter 2016 operating earnings of 29 cents per share, missing the Zacks Consensus Estimate of 41 cents by 29.3%. Reported earnings were also down from 33 cents reported in the year-ago quarter.
Total Revenue
Chesapeake Utilities’ total revenue of $108.3 million beat the Zacks Consensus Estimate of $101 million by 7.2%. Revenues were also up 17.9% from $91.9 million in the prior-year quarter.
Revenues at Regulated Energy climbed 9.8%, while Unregulated Energy revenues increased 36.3%.
Quarterly Highlights
Chesapeake Utilities’ operating expenses stood at $98.2 million, up 21.2% from $81 million a year ago.
Operating income came in at $10.2 million in the third quarter, down 6.9%.
The company incurred interest expense of $2.7 million, up 9.2% from $2.5 million in the prior-year quarter.
CHESAPEAKE UTIL Price, Consensus and EPS Surprise
Financial Condition
As of Sep 30, 2016, Chesapeake Utilities had cash and cash equivalents of $1.5 million, compared with $2.9 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) was $143.5 million as of Sep 30, 2016, down from the 2015-end level of $149 million.
Capital expenditures in the first nine months of 2016 were $106.3 million.
Guidance
The company projects capital expenditure to be between $150 million and $170 million in 2016.
Peer Releases
ONEOK Inc. (NYSE:OKE) reported third-quarter 2016 operating earnings of 44 cents per share, outpacing the Zacks Consensus Estimate of 43 cents by 2.3%.
ONE Gas, Inc. (NYSE:OGS) reported third-quarter 2016 adjusted earnings of 24 cents per share, surpassing the Zacks Consensus Estimate of 19 cents by 26.3%.
An Upcoming Peer Release
Atmos Energy Corporation (NYSE:ATO) is expected to report third-quarter results on Nov 9. The Zacks Consensus Estimate stands at 31 cents.
Zacks Rank
Chesapeake Utilities Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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ONEOK INC (OKE): Free Stock Analysis Report
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