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Chesapeake Utilities Corp. Reports Operating Results (10-Q)

May 07, 2010 | About:

Chesapeake Utilities Corp. (NYSE:CPK) filed Quarterly Report for the period ended 2010-03-31.

Chesapeake Utilities Corp. has a market cap of $270 million; its shares were traded at around $28.62 with a P/E ratio of 12.9 and P/S ratio of 1.1. The dividend yield of Chesapeake Utilities Corp. stocks is 4.4%. Chesapeake Utilities Corp. had an annual average earning growth of 2% over the past 10 years.CPK is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Our net income for the quarter ended March 31, 2010 was $14.0 million, or $1.47 per share (diluted). This represents an increase of $5.4 million, compared to a net income of $8.6 million, or $1.24 per share (diluted), reported in the same period in 2009.

The increased period-over-period operating results reflect an increase of $21.1 million in gross margin and an increase of $11.7 million in other operating expenses.

Operating income for the regulated energy segment increased by approximately $8.0 million, or 84 percent, in the first quarter of 2010, compared to the same period in 2009, which was generated from a gross margin increase of $18.2 million, offset partially by an operating expense increase of $10.2 million.

Gross margin for our regulated energy segment increased by $18.2 million, or 92 percent. FPUs natural gas and electric distribution operations had $11.8 million and $4.6 million in gross margin, respectively, in the first quarter of 2010, which contributed to this increase.

Chesapeakes Florida natural gas distribution operation, excluding FPU, experienced an increase in gross margin of $892,000 in the first quarter of 2010. Approximately $600,000 of this increase was attributable to a permanent rate increase approved on December 15, 2009 (applicable to all meters read on or after January 14, 2010) by the Florida PSC. The increase was also attributable to increased customer consumption, which was heavily affected by the colder weather in Florida in the first quarter of 2010 and contributed $245,000 to the gross margin during the period. A decrease of $34,000 in gross margin due primarily to a loss of several large industrial customers in 2009 due to economic conditions in the region, was almost fully offset by an increase in gross margin of $33,000 attributable to increased consumption by existing industrial customers. Also gross margin increased by $41,000 as a result of changes in rates for certain customers.

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