ONEOK Inc. Earnings: Profit Falls

S&P 500 (NYSE:SPY) component ONEOK Inc. (NYSE:OKE) reported its results for the first quarter. ONEOK is an energy company that distributes natural gas primarily in the United States.

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ONEOK Earnings Cheat Sheet for the First Quarter

Results: Net income for ONEOK Inc. fell to $122.9 million ($1.16 per share) vs. $130.1 million ($1.19 per share) a year earlier. This is a decline of 5.5% from the year-earlier quarter.

Quoting Management: “Our ONEOK Partners segment again posted exceptionally strong results, benefiting from continued favorable NGL price differentials, increased natural gas liquids volumes gathered and fractionated and higher natural gas volumes gathered and processed in the Williston Basin,” said John W. Gibson, ONEOK chairman and chief executive officer.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 66 cents a share to 68 cents over the last ninety days. The average estimate for the fiscal year is $3.62 per share, falling from $3.71 thirty days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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