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ONEOK (OKE) Q3 Earnings Beat Estimates, Revenues Up Y/Y
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ONEOK Inc. (OKE - Free Report) reported third-quarter 2016 operating earnings of 44 cents per share, outpacing the Zacks Consensus Estimate of 43 cents by 2.3%. Reported earnings also improved 7.3% year over year, primarily backed by fee-based earnings growth at the natural gas gathering and processing segment, natural gas volume growth in the Williston Basin, and higher transportation revenues in the natural gas pipelines segment.
Total Revenue
ONEOK’s total revenue of $2,358 million exceeded the Zacks Consensus Estimate of $2,077 million by 13.5%. Revenues also jumped 24.2% from $1,899 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 $465.3, up 14.7% year over year.
In the third quarter, the company spent nearly $1,751.6 million on cost of sales and fuel, up 28.7%.
Operating income came in at $329.3 million in the third quarter, up 15.6%.
The company incurred interest expense of $118.2 million, up 10.6%.
As of Sep 30, 2016, ONEOK had cash and cash equivalents of $237.4 million, compared with $97.6 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) was $8,320.1 million as of Sep 30, 2016, mostly unchanged from the 2015-end level.
In the first nine months of 2016, the company’s cash flow from operating activities was $922 million, up from $695.1 million in the year-ago period.
Capital expenditure in the first nine months of 2016 was $491.5 million, down from $930.3 million a year ago.
Upcoming Peer Releases
Clean Energy Fuels Corp. (CLNE - Free Report) is scheduled to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at a loss of 11 cents.
National Fuel Gas Company (NFG - Free Report) is slated to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at 52 cents.
Chesapeake Utilities Corporation (CPK - Free Report) is slated to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at 41 cents.
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ONEOK (OKE) Q3 Earnings Beat Estimates, Revenues Up Y/Y
ONEOK Inc. (OKE - Free Report) reported third-quarter 2016 operating earnings of 44 cents per share, outpacing the Zacks Consensus Estimate of 43 cents by 2.3%. Reported earnings also improved 7.3% year over year, primarily backed by fee-based earnings growth at the natural gas gathering and processing segment, natural gas volume growth in the Williston Basin, and higher transportation revenues in the natural gas pipelines segment.
Total Revenue
ONEOK’s total revenue of $2,358 million exceeded the Zacks Consensus Estimate of $2,077 million by 13.5%. Revenues also jumped 24.2% from $1,899 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 $465.3, up 14.7% year over year.
In the third quarter, the company spent nearly $1,751.6 million on cost of sales and fuel, up 28.7%.
Operating income came in at $329.3 million in the third quarter, up 15.6%.
The company incurred interest expense of $118.2 million, up 10.6%.
ONEOK INC Price, Consensus and EPS Surprise
ONEOK INC Price, Consensus and EPS Surprise | ONEOK INC Quote
Financial Condition
As of Sep 30, 2016, ONEOK had cash and cash equivalents of $237.4 million, compared with $97.6 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) was $8,320.1 million as of Sep 30, 2016, mostly unchanged from the 2015-end level.
In the first nine months of 2016, the company’s cash flow from operating activities was $922 million, up from $695.1 million in the year-ago period.
Capital expenditure in the first nine months of 2016 was $491.5 million, down from $930.3 million a year ago.
Upcoming Peer Releases
Clean Energy Fuels Corp. (CLNE - Free Report) is scheduled to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at a loss of 11 cents.
National Fuel Gas Company (NFG - Free Report) is slated to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at 52 cents.
Chesapeake Utilities Corporation (CPK - Free Report) is slated to report third-quarter earnings on Nov 3. The Zacks Consensus Estimate stands at 41 cents.
Zacks Rank
ONEOK currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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