Chesapeake Utilities Corporation reported net income for the quarter that ended March 31 was $20.4 million, or $1.33 per share. This represents a decrease of $742,000, or $0.11 per share, compared to 2015.
The period-over-period decrease was due primarily to the impact of warmer weather on the company’s natural gas and propane distribution operations.
Chesapeake estimated that lower usage due to the 26-percent warmer weather during the first quarter of 2016 reduced net income by $4 million and earnings per share by $0.27 compared to the first quarter of 2015.
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The warmer weather impact was significantly offset by increased gross margin from the performance of Aspire Energy of Ohio, LLC and natural gas services growth unaffected by weather.
