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ONEOK, Inc. (OKE) - free report >>
Chesapeake Utilities Corporation (CPK) - free report >>
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ONEOK (OKE) Misses on Q2 Earnings but Beats on Revenues
ONEOK Inc. (OKE - Free Report) reported second-quarter 2016 operating earnings of 40 cents per share, missing the Zacks Consensus Estimate of 42 cents by 4.8%. Reported earnings, however, surged 11.1% year over year, primarily backed by fee-based earnings growth at both the natural gas pipeline, and the natural gas gathering and processing segments.
Total Revenue
ONEOK’s total revenue of $2,134.1 million marginally beat the Zacks Consensus Estimate of $2,059 million by 3.6%. Revenues were also up marginally from $2,128 million in the prior-year quarter.
Quarterly Highlights
In the quarter under review, ONEOK’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $452.7 million, up 17.4% year over year. The improvement was fuelled by higher volumes and fee-based earnings.
In the second quarter, ONEOK Inc. spent nearly $1,527.3 million on cost of sales and fuel, down 4.7%.
Operating income came in at $315.3 million in the second quarter, up 15.6%.
The company incurred interest expense of $118.9 million, up 16.1%.
ONEOK INC Price, Consensus and EPS Surprise
ONEOK INC Price, Consensus and EPS Surprise | ONEOK INC Quote
Financial Condition
As of Jun 30, 2016, ONEOK had cash and cash equivalents of $180.8 million, compared with $97.6 million as of Dec 31, 2015. Long-term debt (excluding current maturities) was $8,320.3 million as of Jun 30, 2016, mostly unchanged the 2015-end level.
In the first half of 2016, the company’s cash flow from operating activities was $531.6 million, up from $333.9 million in the year-ago period. Capital expenditures in the first six months of 2016 were $333.3 million, down from $629.4 million a year ago.
Upcoming Peer Releases
Clean Energy Fuels Corp. (CLNE - Free Report) is scheduled to report second-quarter earnings on Aug 9.The Zacks Consensus Estimate stands at a loss of 14 cents.
National Fuel Gas Company’s (NFG - Free Report) is slated to report second-quarter earnings on Aug 4.The Zacks Consensus Estimate stands at 63 cents.
Chesapeake Utilities Corporation (CPK - Free Report) is slated to report second-quarter earnings on Aug 4.The Zacks Consensus Estimate stands at 49 cents.
Zacks Rank
ONEOK currently has a Zacks Rank #2 (Buy).
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