Chesapeake earnings up despite record high temps
Chesapeake Utilities Corporation today announced its net income for the year ended Dec. 31 was $41.1 million, or $2.72 per share, an increase of $5 million, or 25 cents per share, compared to 2014.
The growth in net income and earnings per share in 2015 occurred despite the impact of significantly warmer temperatures, particularly in the fourth quarter of 2015. The company estimated that the impact of 2015’s warmer temperatures reduced earnings by $2.7 million or 18 cents per share.
For the fourth quarter of 2015, the Chesapeake reported net income of $8.6 million, or $0.56 per share, a decrease of $1.5 million, or 13 cents per share, compared to the same quarter in 2014. The decline in the quarter-over-quarter results was caused by lower consumption due to the warmest fourth quarter on the Delmarva Peninsula in the past 30 years, the company said. The warmer temperatures reduced earnings by an estimated $2.5 million or 17 cents per share in the fourth quarter of 2015.
“2015 was another banner year for our Company. Our earnings per share set a record for the ninth consecutive year, surpassing 2014 by 10.1 percent, despite the warmer winter weather in the fourth quarter,” stated Michael P. McMasters, president and CEO.