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Chesapeake Utilities' Q2 results fall short of estimates

Chesapeake Utilities Corp. on Aug. 9 posted adjusted net income of $7.8 million, or 48 cents per share, for the second quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter was 51 cents.

GAAP earnings were $6.4 million, or 39 cents per share, compared with $6.0 million, or 37 cents per share, in the same quarter a year earlier.

Total operating revenue was $136.7 million, growing from $125.1 million a year earlier. Operating income was $13.2 million, a decrease from $14.1 million in the prior-year period.

Chesapeake Utilities' earnings reflected effects of investments in system expansions and reliability and continued growth in regulated natural gas, propane and electric operations, as well as of the lower tax rate from the Tax Cuts and Jobs Act on the unregulated energy segment.