Warm weather affects Chesapeake Utilities
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.
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.