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ONEOK (OKE) Earnings and Revenues Surpass Estimates in Q1
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ONEOK Inc. (OKE - Free Report) reported first-quarter 2019 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 73 cents by 10.96%. The bottom line also improved 26.5% on a year-over-year basis.
Notably, NGL and natural gas volume growth in the Williston Basin, and NGL volume growth in the STACK and SCOOP areas as well as Permian Basin led to the uptick.
Total Revenues
Total revenues came in at $2.78 billion, outpacing the Zacks Consensus Estimate of $2.70 billion by 2.95%. However, the top line declined 10.3% from $3.10 billion registered in the prior-year quarter.
ONEOK spent $1.95 billion on cost of sales and fuel in the reported quarter, down 17.4% from the year-ago quarter’s tally.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $377.6 million, up 10.4% year over year.
The company incurred interest expenses of $115.4 million, down 0.3% from $115.7 million in the prior-year quarter. Operating income was $468.7 million in the first quarter, up 11,7% from $419.7 million recorded in the year-ago quarter.
Financial Highlights
As of Mar 31, 2019, ONEOK had cash and cash equivalents of $27.8 million compared with $12 million as of Dec 31, 2018.
Long-term debt (excluding current maturities) summed $10,004.3 million as of Mar 31, 2019, up from $8,873.3 million as of Dec 31, 2018.
The company’s cash flow from operating activities at the end of Mar 31, 2019, was $353.6 million, down from $495.3 million at the end of Dec 31, 2018.
Capital expenditures (less allowance for equity funds used during construction) amounted to $889.7 million in the first quarter, up from $264.5 million in the year-ago period.
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2019 operating earnings of $1.76 per share, which exceeded the Zacks Consensus Estimate of $1.73 by 1.7%.
NextEra Energy, Inc’s (NEE - Free Report) first-quarter 2019 adjusted earnings came in at $2.20 per share, outpacing the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which surpassed the Zacks Consensus Estimate of 66 cents by 1.52%
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ONEOK (OKE) Earnings and Revenues Surpass Estimates in Q1
ONEOK Inc. (OKE - Free Report) reported first-quarter 2019 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 73 cents by 10.96%. The bottom line also improved 26.5% on a year-over-year basis.
Notably, NGL and natural gas volume growth in the Williston Basin, and NGL volume growth in the STACK and SCOOP areas as well as Permian Basin led to the uptick.
Total Revenues
Total revenues came in at $2.78 billion, outpacing the Zacks Consensus Estimate of $2.70 billion by 2.95%. However, the top line declined 10.3% from $3.10 billion registered in the prior-year quarter.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. Price, Consensus and EPS Surprise | ONEOK, Inc. Quote
Quarterly Highlights
ONEOK spent $1.95 billion on cost of sales and fuel in the reported quarter, down 17.4% from the year-ago quarter’s tally.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $377.6 million, up 10.4% year over year.
The company incurred interest expenses of $115.4 million, down 0.3% from $115.7 million in the prior-year quarter. Operating income was $468.7 million in the first quarter, up 11,7% from $419.7 million recorded in the year-ago quarter.
Financial Highlights
As of Mar 31, 2019, ONEOK had cash and cash equivalents of $27.8 million compared with $12 million as of Dec 31, 2018.
Long-term debt (excluding current maturities) summed $10,004.3 million as of Mar 31, 2019, up from $8,873.3 million as of Dec 31, 2018.
The company’s cash flow from operating activities at the end of Mar 31, 2019, was $353.6 million, down from $495.3 million at the end of Dec 31, 2018.
Capital expenditures (less allowance for equity funds used during construction) amounted to $889.7 million in the first quarter, up from $264.5 million in the year-ago period.
Zacks Rank
ONEOK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2019 operating earnings of $1.76 per share, which exceeded the Zacks Consensus Estimate of $1.73 by 1.7%.
NextEra Energy, Inc’s (NEE - Free Report) first-quarter 2019 adjusted earnings came in at $2.20 per share, outpacing the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which surpassed the Zacks Consensus Estimate of 66 cents by 1.52%
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>