Revenue Down at Williams, But Pipeline Operator Beats Adjust Profit Expectations
July 31 2019 - 5:06PM
Dow Jones News
By Micah Maidenberg
Natural-gas infrastructure firm Williams Cos. (WMB) said profit
rose in the second quarter, but revenue decreased.
Tulsa, Okla.-based Williams reported net income rose to $310
million in the quarter, or 26 cents a share, from $135 million, or
16 cents a share, in the second quarter last year.
The company also reported an adjusted profit of 26 cents a
share. Analysts polled by FactSet predicted 22 cents a share.
Total revenue dropped about 2% to $2.04 billion, just under the
$2.05 billion analysts were targeting.
Cash flow from operations rose 20% from the year earlier to
$1.07 billion, Williams said.
Profit and higher cash flow from operations were helped by
stronger revenue in its Atlantic-Gulf business, which includes the
Transco interstate natural gas pipeline between the Gulf of Mexico
to the eastern seaboard.
But total revenue fell 19% to $952 million in its west business
unit, which includes the Northwest Pipeline in Washington, Colorado
and other states.
The company predicted strong demand for natural gas due to the
current prices for the energy source.
"Low gas prices will continue to incentivize demand growth, and
demand for low cost power generation, LNG exports and new
industrial loads will grow even faster in the second half of the
year," CEO Alan Armstrong said in prepared remarks.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 31, 2019 16:51 ET (20:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Apr 2023 to Apr 2024
