Chesapeake Utilities (NYSE: CPK) reported Q2 EPS of $0.64, $0.04 better than the analyst estimate of $0.60. Revenue for the quarter came in at $97.05 million versus the consensus estimate of $124.67 million.

• Earnings per share ("EPS")* was $0.66 for the second quarter of 2020 compared to $0.50 for the second quarter of 2019

• Year-to-date EPS increased to $2.42 from $2.25, for the prior year period

• Second quarter and year-to-date EPS from continuing operations was $0.64 and $2.41, respectively, compared to $0.54 and $2.30, respectively, for the corresponding periods in 2019

• Strong performance for the first half of 2020 driven by continued growth in the Company's businesses, the addition of the Boulden acquisition, expense management and gains from two property sales overcame milder weather and the net impact of COVID-19

• Regulatory proceeding for Hurricane Michael is still underway and is not included in year-to-date operating results

• The COVID-19 pandemic estimated to have reduced net income by $1.1 million or $0.07 per share, through June 2020

• Milder weather reduced 2020 year-to-date earnings by $1.4 million, or $0.09 per share, compared to the same period of 2019

• Closing completed in the last week of July 2020 on the previously announced acquisition of Elkton Gas Company

"The ability of our employees to execute during these challenging times is demonstrated by our strong performance and significant business achievements during the quarter. Generating increased performance quarter-over-quarter, as well as on a year-to-date basis, was a significant accomplishment in the midst of the COVID-19 pandemic and despite the absence of regulatory relief associated with Hurricane Michael. We have remained focused on the health of our employees and customers as we safely and reliably deliver our essential energy services during this global pandemic," said Jeffry M. Householder, President and Chief Executive Officer. "In addition to the safe delivery of these services, we have continued to execute on our growth strategy, including our pipeline and distribution system expansion projects as well as our business development activities. We recently announced two new projects that will support local communities in resolving long-term problems of poultry waste disposal and the impact on local waterways. These projects will transform poultry waste into renewable natural gas which will address the impacts of climate change and positively influence the local ecosystem. Despite the unique operating circumstances created by COVID-19, all business units remain focused on growth while also managing our expenses to help offset the COVID-19 impacts. All of these initiatives enabled us to generate strong second quarter performance and to re-affirm our commitment to our 2022 EPS guidance."

For earnings history and earnings-related data on Chesapeake Utilities (CPK) click here.