Four companies with ties to the midstate have released quarterly earnings reports.
Community Health Systems reported net operating revenues for the three months ended March 31 totaling $4.195 billion, a 28.1 percent increase compared with $3.274 billion for the same period in 2013, according to a company news release.
The financial data includes operating results from Health Management Associates Inc., which CHS acquired Jan. 27. Health Management Associates, which had operated Carlisle Regional Medical Center, Lancaster Regional Medical Center and Heart of Lancaster Regional Medical Center, lost more than $328 million in 2013, after earning nearly $150 million in 2012 and more than $173 million in 2011, according to filings released in April.
CHS, which also owns Memorial Hospital in York County, reported income from continuing operations decreased to a loss of $78 million, or 86 cents per diluted share, for the quarter, compared with income of $98 million, or 88 cents per diluted share, for the same period in 2013. Net loss attributable to CHS common stockholders was $1.04 per diluted share for the quarter, compared with net income of 86 cents per diluted share for the year-ago quarter.
Chesapeake Energy reported increased earnings thanks in part to higher year-over-year realized natural-gas prices, higher oil and natural-gas-liquids production and lower per-unit production and general and administrative expenses, partially offset by higher interest expense during the quarter, according to a company news release.
Chesapeake reported net income available to common stockholders of $374 million, or 54 cents per fully diluted share. Items typically excluded by securities analysts in their earnings estimates reduced net income available to common stockholders for the quarter by approximately $31 million on an after-tax basis. Adjusting for these items, first-quarter net income available to common stockholders was $405 million, or 59 cents per fully diluted share, which compares to adjusted net income available to common stockholders of $183 million, or 30 cents per fully diluted share, in the 2013 first quarter.
Chesapeake, which is based in Oklahoma City and has several field offices in Pennsylvania, including one in Harrisburg, trades its shares on the New York Stock Exchange under the ticker CHK.
Cedar Realty Trust reported a net loss attributable to common shareholders for first quarter 2014 of $1.8 million, or 3 cents per diluted share, compared to net loss of $900,000, or 2 cents per diluted share, for the same period in 2013, according to a company news release.
The company’s operating funds were $10.3 million, or 13 cents per diluted share, compared with $8.7 million or 12 cents per diluted share, for the same period in 2013.
During the quarter, Cedar Realty signed 40 leases for 328,000 square feet, according to the release. On a comparable space basis, the company leased 319,000 square feet at a positive lease spread of 9.2 percent on a cash basis (new leases increased 18.5 percent and renewals increased 8.6 percent).
Cedar’s total portfolio, excluding properties held for sale, was 93.5 percent leased March 31, compared with 93.6 percent Dec. 31 and 92.8 percent March 31, 2013, according to the release.
The Port Washington, N.Y., real estate investment trust, which focuses on the ownership and operation of mostly grocery-anchored shopping centers straddling the Washington, D.C., to Boston corridor, trades its shares on the New York Stock Exchange under the ticker CDR.
Revenue was up but earnings per share were down at York Water Co., as increased rates were offset by higher expenses, according to a company news release.
President Jeffrey R. Hines announced that revenue jumped from $10.07 million during the first quarter of 2013 to $10.57 million in the latest quarter, thanks to increased consumption, additional customers and rate hikes that went into effect Feb. 28.
However, earnings per share dropped from 17 cents in last year’s first quarter to 16 cents in 2014’s opening quarter. According to Yahoo Finance, analysts pegged the company’s earnings at 18 cents.
The higher expenses were due to wages, depreciation, cold-weather-related distribution system maintenance, pensions and technology upgrades, according to the release. York Water spent $2 million in infrastructure upgrades in the first quarter, and expects to spend another $10.5 million through the rest of the year.