Chesapeake Utilities Corporation (CPK) has reported 37.64 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $11.86 million, or $0.73 a share in the quarter, compared with $8.62 million, or $0.56 a share for the same period last year.
Revenue during the quarter surged 35.68 percent to $141.87 million from $104.57 million in the previous year period. Gross margin for the quarter contracted 620 basis points over the previous year period to 47.01 percent. Total expenses were 84.62 percent of quarterly revenues, up from 84.54 percent for the same period last year. That has resulted in a contraction of 9 basis points in operating margin to 15.38 percent.
Operating income for the quarter was $21.82 million, compared with $16.17 million in the previous year period.
"Our performance during 2016 was exceptional as our earnings per share set a record for the tenth consecutive year, surpassing 2015 by 5.1 percent, despite the warmer winter weather in the first quarter," stated Michael P. McMasters, president and chief executive officer. "This accomplishment flows from the strategic investments we have made to propel diversified growth in our energy businesses. Our employees' creative energy has produced this powerful growth; their hard work, service ethic and financial discipline have driven our ten years of success. We remain committed to the execution of our strategy in 2017," added Mr. McMasters.
Working capital remains negativeWorking capital of Chesapeake Utilities Corporation was negative $192.90 million on Dec. 31, 2016 compared with negative $167.06 million on Dec. 31, 2015. Current ratio was at 0.42 as on Dec. 31, 2016, up from 0.40 on Dec. 31, 2015. Debt moves upChesapeake Utilities Corporation has witnessed an increase in total debt over the last one year. It stood at $358.92 million as on Dec. 31, 2016, up 8.26 percent or $27.37 million from $331.55 million on Dec. 31, 2015. Total debt was 29.20 percent of total assets as on Dec. 31, 2016, compared with 31.03 percent on Dec. 31, 2015. Debt to equity ratio was at 0.80 as on Dec. 31, 2016, down from 0.93 as on Dec. 31, 2015. Interest coverage ratio improved to 8.26 for the quarter from 6.26 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
