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ONEOK Inc. (OKE - Free Report) reported second-quarter 2019 operating earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 7.14%. The bottom line also improved 10.3% on a year-over-year basis.
Notably, higher natural gas liquids (NGL) and natural gas volume processed, increase in average fee rates in the NGLs and natural gas gathering and processing segments as well as increased transportation services in the natural gas pipelines segment drove results.
Total Revenues
Total revenues came in at $2.46 billion, which missed the Zacks Consensus Estimate of $2.70 billion by 9.02%. The top line also declined 17% from $2.96 billion recorded in the prior-year quarter due to lower Commodity sales.
ONEOK spent $1.62 billion on cost of sales and fuel in the reported quarter, down 25.3% from the year-ago quarter’s tally.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $632.4 million, up 5% year over year.
The company incurred interest expenses of $117.5 million, up from $113.5 million in the prior-year quarter. Operating income was $476.1 million, up 6.2% from $448.4 million recorded in the year-ago quarter.
Financial Highlights
As of Jun 30, 2019, ONEOK had cash and cash equivalents of $273.4 million compared with $12 million as of Dec 31, 2018.
Long-term debt (excluding current maturities) amounted to $10,754 million as of Jun 30, up from $8,873.3 million as of Dec 31, 2018.
The company’s cash flow from operating activities in the first six months of 2019 was $967.9 million, down from $1,002.9 million in the year-ago period.
Capital expenditures (less allowance for equity funds used during construction) amounted to $1,720.2 million in the first six months of 2019, up from $615.3 million in the year-ago period.
ONE Gas, Inc (OGS - Free Report) delivered second-quarter 2019 operating earnings of 46 cents per share, which beat the Zacks Consensus Estimate of 41 cents by 12.2%.
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
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ONEOK (OKE) Beats Q2 Earnings Estimates, Misses Revenues
ONEOK Inc. (OKE - Free Report) reported second-quarter 2019 operating earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 7.14%. The bottom line also improved 10.3% on a year-over-year basis.
Notably, higher natural gas liquids (NGL) and natural gas volume processed, increase in average fee rates in the NGLs and natural gas gathering and processing segments as well as increased transportation services in the natural gas pipelines segment drove results.
Total Revenues
Total revenues came in at $2.46 billion, which missed the Zacks Consensus Estimate of $2.70 billion by 9.02%. The top line also declined 17% from $2.96 billion recorded in the prior-year quarter due to lower Commodity sales.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. Quote
Quarterly Highlights
ONEOK spent $1.62 billion on cost of sales and fuel in the reported quarter, down 25.3% from the year-ago quarter’s tally.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $632.4 million, up 5% year over year.
The company incurred interest expenses of $117.5 million, up from $113.5 million in the prior-year quarter. Operating income was $476.1 million, up 6.2% from $448.4 million recorded in the year-ago quarter.
Financial Highlights
As of Jun 30, 2019, ONEOK had cash and cash equivalents of $273.4 million compared with $12 million as of Dec 31, 2018.
Long-term debt (excluding current maturities) amounted to $10,754 million as of Jun 30, up from $8,873.3 million as of Dec 31, 2018.
The company’s cash flow from operating activities in the first six months of 2019 was $967.9 million, down from $1,002.9 million in the year-ago period.
Capital expenditures (less allowance for equity funds used during construction) amounted to $1,720.2 million in the first six months of 2019, up from $615.3 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.
Utility Releases
ONE Gas, Inc (OGS - Free Report) delivered second-quarter 2019 operating earnings of 46 cents per share, which beat the Zacks Consensus Estimate of 41 cents by 12.2%.
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>