Chesapeake Utilities Corporation Reports Q2 2024 Financial Results
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Chesapeake Utilities Corporation Reports Q2 2024 Financial Results
Chesapeake Utilities Corporation reported its financial results for the second quarter of 2024.
Financial Highlights
Below is a comprehensive table of key financial metrics reported for Q2 2024 compared with both Q2 2023 and consensus estimates:
| Metric | Q2 2024 | Q2 2023 | % Change YoY | Consensus Estimate Q2 2024 | % Difference |
|---|---|---|---|---|---|
| Total Revenue | $194.7M | Not Provided | - | $194.7M | 0% |
| Earnings per Share (EPS) | $0.82 | $0.90 | -8.9% | $0.80 | 2.5% |
Quarter over Quarter (QoQ) information and Q2 2023 revenue data are not provided.
Interpretation of Financial Performance
Chesapeake Utilities Corporation met the consensus estimate for revenue, reporting $194.7 million in total revenue for Q2 2024. The Earnings per Share (EPS) slightly surpassed the consensus estimate by 2.5%, recording $0.82 compared to the anticipated $0.80. However, on a year-over-year basis, there was a decrease of 8.9% in EPS from $0.90 in Q2 2023.
Segment Revenue Performance
The following table breaks down the revenue performance by major segments:
| Segment | Q2 2024 Adjusted Gross Margin | Q2 2023 Adjusted Gross Margin | % Change YoY |
|---|---|---|---|
| Regulated Energy | $76.4M | $55.0M (calculated) | 38.8% |
| Unregulated Energy | $12.3M | $10.8M (calculated) | 13.4% |
Guidance values are not provided in the report, so comparisons to guidance are not available.
Interpretation of Segment Performance
The Regulated Energy segment saw a 38.8% increase in adjusted gross margin year-over-year, largely due to the acquisition of Florida City Gas (FCG), organic growth in natural gas distribution, and continued pipeline expansion projects. The Unregulated Energy segment achieved a 13.4% increase driven by an increased level of virtual pipeline services and improved performance at Aspire.
Key Officer Comments
Specific comments from the company's officers regarding the earnings report were not provided.
Dividends and Share Repurchase Program
The report does not detail any announced dividends or share repurchase programs.
Forward Guidance
No forward guidance information has been provided in the report.
Stock Price Movement
After the earnings release, Chesapeake Utilities Corporation's stock price experienced a slight increase of approximately 0.17%.
This summary is based on the data and information available in Chesapeake Utilities Corporation's Q2 2024 earnings report. If any section lacks information, it's because the relevant data was either not provided in the earnings report or the provided subset of the report.
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