Chesapeake Utilities Corp. on Aug. 3 reported second-quarter 2017 net income of $6.0 million, or 37 cents per share, compared with $8.0 million, or 52 cents per share, in the comparable quarter of 2016.
The S&P Capital IQ consensus normalized EPS estimate the most recent quarter was 52 cents.
The company attributed the year-over-year decrease to growth investments and the impact of warmer weather on the Delmarva Peninsula.
"Earnings growth and costs incurred to support business growth do not always move in tandem. Our results for the second quarter and year-to-date should be viewed in the context of the major growth projects and initiatives recently completed and those currently underway, in addition to the negative impact of warmer weather," Chesapeake President and CEO Michael McMasters said.
The company recorded second-quarter operating revenues of $125.1 million, compared to $102.3 million in the 2016 second quarter. Operating expenses increased to $111.4 million from $86.6 million in the same period of 2016.
Second-quarter gross margin rose to $60.4 million in 2017 from $57.8 million in second-quarter 2016. Operating income was $13.7 million, down from $15.7 million in the second quarter of 2016.