ONEOK Inc ( OKE Quick Quote OKE - Free Report) posted first-quarter 2021 operating earnings of 86 cents per share, surpassing the Zacks Consensus Estimate of 79 cents by 8.9%. Also, the bottom line improved 3.6% year over year. Revenue Results
Total revenues of $3,194.7 million missed the Zacks Consensus Estimate of $3,526 million by 9.4%. However, the top line improved 3.5% from $2,136.7 million in the prior-year quarter.
Highlights of the Release
The company spent $2,121.5 million on cost of sales and fuel, up 66.1% from the year-ago quarter’s level.
In the first quarter, ONEOK’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were $866.4 million, up 23.6% year over year. The company incurred interest expenses worth $185.5 million, up 31.9% from the prior-year quarter. Its operating income came in at $664.7 million in the first quarter against the prior-year quarter’s loss of $83.5 million. Financial Highlights
As of Mar 31, 2021 ONEOK had cash and cash equivalents worth $402.4 million compared with $524.5 million as of Dec 31, 2020.
Long-term debt (excluding current maturities) was $13,638.8 million as of Mar 31, 2021, down from $14,228.4 million as of Dec 31, 2020. The company’s cash provided by operating activities in the first three months of 2021 was $533.3 million, up from $422.7 million in the comparable period last year. Capital expenditures (less allowance for equity funds used during construction) amounted to $176.7 million in the first three months of 2021, down from $949.7 million in the corresponding quarter of last year. Guidance
ONEOK raised its 2021 net income guidance from $1,075-$1,375 million to $1,200-$1,500 million. Also, the same for adjusted EBITDA was lifted from $2,900-$3,200 million to $3,050-$3,350 million. Also, it upped its earnings per share expectation to $2.69-$3.35 from $2.40-$3.08. Growth capital expenditures are likely to be $335-$465 million in 2021.
ONEOK carries a Zacks Rank #3 (Hold), currently. You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Upcoming Releases Sempra Energy ( SRE Quick Quote SRE - Free Report) is slated to release first-quarter 2021 earnings on May 5. The Zacks Consensus Estimate for the period’s earnings per share is pegged at $2.60. UGI Corporation ( UGI Quick Quote UGI - Free Report) is scheduled to release first-quarter 2021 earnings on May 5. The Zacks Consensus Estimate for the period’s earnings per share stands at $1.72. Atmos Energy Corporation ( ATO Quick Quote ATO - Free Report) will post first-quarter 2021 earnings on May 5. The Zacks Consensus Estimate for the quarter’s earnings is pegged at $2.02 per share. Zacks Names “Single Best Pick to Double”
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