Chesapeake Utilities reported higher net income for the third quarter. Net income for the quarter ended Sept. 30 was $3.2 million. This represents an increase of $822,000, compared to the same quarter in 2011, and quarter-over-quarter increases of 34 percent and 32 percent for net income and earnings per share, respectively.
Chesaspeake is based in Dover. It has natural gas operations on Delmarva and electric and gas operations in Florida. The company has been expanding its natural gas system in the region.
For the nine months ended Sept. 30, the company reported net income of $19.0 million. This represents a decrease of $658,000 in net income, compared to the same period in 2011.
Warmer temperatures in 2012, primarily during the first three months of the year, resulted in lower net income of $2.4 million, compared to 2011.
“We are pleased to announce strong third quarter results, representing a 32-percent increase in quarterly earnings per share,” stated Michael P. McMasters, CEO of Chesapeake Utilities. “These quarterly results demonstrate our employees continued success in identifying opportunities in all of our businesses and transforming them into growth for the Company and value to our customers and shareholders. Our latest effort to expand natural gas service on the Delmarva Peninsula includes the proposed increase in our natural gas service offerings in the southern part of Delaware and the pending purchase of the propane distribution assets of The Eastern Shore Gas Company.”
McMasters reported that the Florida Public Service Commission approved a natural gas infrastructure replacement program.
The CEO said unregulated businesses, including BravePoint, Inc. software continue to identify innovative solutions to provide high-quality service to existing and potential customers.
