- Second quarter net income increased to $8.0 million or $0.52 per share
- Regulated Energy segment generated $1.6 million in additional operating income largely due to growth in the natural gas distribution and transmission businesses
- Unregulated Energy segment generated $952,000 in additional operating income due to higher results from Aspire Energy as well as the Company’s natural gas marketing and propane distribution operations
- Eight Flags Energy’s Combined Heat and Power Plant commenced delivery of power to Florida Public Utilities Company in June 2016
Dover, Delaware – Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today reported second quarter financial results. The Company’s net income for the quarter ended June 30, 2016 was $8.0 million, or $0.52 per share. This represents an increase of $1.7 million, or $0.11 per share over the same quarter in 2015. Excluding a non-recurring $1.4 million pre-tax gain ($0.05 per share) related to the settlement with a vendor in connection with a customer billing system implementation, which occurred in the second quarter of 2015, earnings per share increased by $0.16 quarter-over-quarter.
For the six months ended June 30, 2016, the Company reported net income of $28.4 million, or $1.85 per share, an increase of $993,000, or $0.02 per share, over the same period in 2015. The Company’s growth strategy generated earnings that offset the negative effect of warmer weather experienced in the first quarter of 2016. The warmer weather reduced earnings per share by $0.26 compared to the same period in 2015.
“Our higher results for the second quarter reflect the success of our efforts to grow the services we provide on the Delmarva Peninsula, in Florida and Ohio,” stated Michael P. McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation. “In Florida, we completed construction and placed in service the Combined Heat and Power plant in Nassau County, fueled by natural gas that we supply, to provide electricity to our residential and commercial customers and steam for industrial use. In Ohio, Aspire Energy continued to contribute additional income as it began its second year as a Chesapeake business. Our employees’ concerted efforts powered this successful execution of our growth strategy, and they continue to identify and develop additional growth opportunities while providing superior service in the Chesapeake Utilities tradition,” Mr. McMasters added.
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