Chesapeake Utilities Corporation (NYSE:CPK) delivered first-quarter 2019 operating earnings of $1.68 per share, which beat the Zacks Consensus Estimate of $1.60 by 5%. The figure improved 20% year over year. The upside can be attributed to the positive impacts of recently completed and ongoing pipeline expansion projects, acquisitions, organic growth in the natural gas distribution operations as well as higher propane retail margins per gallon.
Total Revenues
Chesapeake Utilities’ revenues amounted to $227.6 million, which missed the Zacks Consensus Estimate of $271 million by 16.04%. The figure declined 54.9% from $239.3 million in the prior-year quarter.
Quarterly Highlights
The company’s operating expenses were $183.6 million, down 7.7% from $199 million in the year-ago quarter.
The company incurred interest charges of $5.7 million, up 54% from $3.7 million in the prior-year quarter.
Operating income came in at $44 million, up 8.9% from $40.4 million in the prior-year quarter.
Financial Performance
As of Mar 31, 2019, Chesapeake Utilities had cash and cash equivalents of $7.9 million compared with $6 million as of Dec 31, 2018.
Long-term debt (excluding current maturities) was $286 million as of Mar 31, 2019, down from $316 million Dec 31, 2018.
Zacks Rank
Chesapeake Utilities currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
MDU Resources Group Inc (NYSE:MDU) delivered first-quarter 2019 operating earnings of 21 cents per share, which missed the Zacks Consensus Estimate of 24 cents by 12.5%.
ONE Gas, Inc (NYSE:OGS) generated first-quarter 2019 operating earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.73 by 1.7%.
ONEOK Inc (NYSE:OKE) generated first-quarter 2019 operating earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 73 cents by 10.96%.
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