CHESAPEAKE UTILITIES CORPORATION REPORTS HIGHER EARNINGS FOR THE SECOND QUARTER

August 07, 2014

  • Second quarter net income increased to $5.1 million, or $0.53 per share
  • Natural gas system expansions and other customer growth generated $2.1 million in additional gross margin

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) today reported second quarter financial results. The Company’s net income for the three months ended June 30, 2014 was $5.1 million, or $0.53 per share. This represents an increase of $778,000, or $0.08 per share, over the same quarter in 2013.

For the six months ended June 30, 2014, the Company reported net income of $22.8 million, or $2.35 per share. This represents an increase of $3.6 million, or $0.36 per share, compared to the same period in 2013.

“On both a quarter and year-to-date basis, our performance has been strong. Our results have been generated largely as a result of additional gross margin generated from recent natural gas service expansions, other capital investments, and the acquisitions that were completed near the end of the second quarter of 2013,” stated Michael P. McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation. “We have expanded our internal capabilities to manage and cultivate growth, and to continue to aggressively pursue both regulated and unregulated energy opportunities that will position the Company for continued growth in 2015 and beyond,” Mr. McMasters added.

A more detailed discussion and analysis of the Company’s results for each segment can be found by clicking here.

Return to News >>
© 2020 Chesapeake Utilities Corp. All rights reserved.