Chesapeake Utilities Corp. on Feb. 28 reported fourth-quarter 2017 GAAP net income of $26.1 million, or $1.59 per share, up from $11.9 million, or 73 cents per share, in the prior-year period.
The S&P Capital IQ consensus estimate for fourth-quarter 2017 GAAP EPS was 87 cents.
The most recent reported earnings included tax reform impact and unrealized mark-to-market loss. Without these, the company posted adjusted net income of $15.3 million, or 93 cents per share, in the fourth quarter of 2017.
Operating income totaled $23.3 million for the quarter ended Dec. 31, 2017, compared with $21.8 million in the comparable 2016 quarter, while fourth-quarter gross margin increased year over year to $75.0 million from $70.2 million. Operating revenues totaled $180.4 million in the 2017 fourth quarter, up from $141.9 million in the year-ago period.
On an annual basis, the company reported earnings of $58.1 million, or $3.55 per share, in 2017, compared with $44.7 million, or $2.86 per share, in 2016. The S&P Capital IQ consensus GAAP EPS estimate for 2017 was $2.83.
Without the tax reform impact and unrealized mark-to-market loss, Chesapeake Utilities booked adjusted net income of $47.3 million, or $2.89 per share, in full year 2017.
"2017 was an exceptional year for the company," said President and CEO Michael McMasters. "Recently completed growth projects, in addition to numerous other strategic growth initiatives across all of our businesses, generated our eleventh record year of earnings."
