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ONEOK (OKE) Q3 Earnings Miss Estimates, Maintains Guidance
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ONEOK Inc. (OKE - Free Report) reported third-quarter 2017 operating earnings of 43 cents per share, missing the Zacks Consensus Estimate of 45 cents by 4.4%.Further, earnings declined 2.3% year over year.
Total Revenues
ONEOK’s total revenues of $2,906.4 million surpassed the Zacks Consensus Estimate of $2,800 million by 3.8%. Revenues also jumped 23.3% from $2,357.9 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 $517.2, up 10.1% year over year.
In the third quarter, the company spent $2,229.4 million on cost of sales and fuel, up 27.3%.
Operating income came in at $351.9 million in the third quarter, up 6.8%.
The company incurred interest expenses of $126.5 million, up 7%.
Financial Condition
As of Sep 30, 2017, ONEOK had cash and cash equivalents of $11.7 million, compared with $248.9 million as of Dec 31, 2016.
Long-term debt (excluding current maturities) was $8,092 million as of Sep 30, 2017, down from the 2016-end level of $7,920 million.
For nine months ended, the company’s cash flow from operating activities was $936 million, up from $922 million in the year-ago period.
For the same period, capital expenditures (less allowance for equity funds used during construction) amounted to $330.4 million, down from $491.5 million in theyear-ago period.
ONEOK reiterated its 2017 new income guidance in the range of $635-$795 million.
Adjusted EBITDA guidance is anticipated to be in the range of $1.89-$2.06 billion and DCF guidance in the rangeof $1.28-$1.44 billion.
Upcoming Peer Releases
Chesapeake Utilities Corporation (CPK - Free Report) is expected to report third-quarter 2017 results on Nov 9. The Zacks Consensus Estimate is pegged at 35 cents per share.
South Jersey Industries, Inc. is expected to report third-quarter 2017 results on Nov 2. The Zacks Consensus Estimate is pegged at a loss of a cent per share.
Spire Inc. (SR - Free Report) is expected to report third-quarter 2017 results on Nov 15. The Zacks Consensus Estimate is pegged at a loss of 29 cent per share.
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ONEOK (OKE) Q3 Earnings Miss Estimates, Maintains Guidance
ONEOK Inc. (OKE - Free Report) reported third-quarter 2017 operating earnings of 43 cents per share, missing the Zacks Consensus Estimate of 45 cents by 4.4%.Further, earnings declined 2.3% year over year.
Total Revenues
ONEOK’s total revenues of $2,906.4 million surpassed the Zacks Consensus Estimate of $2,800 million by 3.8%. Revenues also jumped 23.3% from $2,357.9 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 $517.2, up 10.1% year over year.
In the third quarter, the company spent $2,229.4 million on cost of sales and fuel, up 27.3%.
Operating income came in at $351.9 million in the third quarter, up 6.8%.
The company incurred interest expenses of $126.5 million, up 7%.
Financial Condition
As of Sep 30, 2017, ONEOK had cash and cash equivalents of $11.7 million, compared with $248.9 million as of Dec 31, 2016.
Long-term debt (excluding current maturities) was $8,092 million as of Sep 30, 2017, down from the 2016-end level of $7,920 million.
For nine months ended, the company’s cash flow from operating activities was $936 million, up from $922 million in the year-ago period.
For the same period, capital expenditures (less allowance for equity funds used during construction) amounted to $330.4 million, down from $491.5 million in theyear-ago period.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. Price, Consensus and EPS Surprise | ONEOK, Inc. Quote
Guidance
ONEOK reiterated its 2017 new income guidance in the range of $635-$795 million.
Adjusted EBITDA guidance is anticipated to be in the range of $1.89-$2.06 billion and DCF guidance in the rangeof $1.28-$1.44 billion.
Upcoming Peer Releases
Chesapeake Utilities Corporation (CPK - Free Report) is expected to report third-quarter 2017 results on Nov 9. The Zacks Consensus Estimate is pegged at 35 cents per share.
South Jersey Industries, Inc. is expected to report third-quarter 2017 results on Nov 2. The Zacks Consensus Estimate is pegged at a loss of a cent per share.
Spire Inc. (SR - Free Report) is expected to report third-quarter 2017 results on Nov 15. The Zacks Consensus Estimate is pegged at a loss of 29 cent per share.
Zacks Rank
ONEOK currently carries a Zacks Rank #4(Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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