Williams posts steep 3Q profit decline - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Williams posts steep 3Q profit decline

Updated:
TULSA, Okla. (AP) _ Oil and gas producer Williams Cos. on Thursday reported a steep decline in third-quarter profit, as its power segment swung to a steep loss.

Net income slid to $4.4 million, or a penny per share, from $98.6 million, or 19 cents per share, in the year-ago period. Excluding the effect of unfavorable charges in its power segment, as well as other charges and gains, income from continuing operations was $125.3 million, or 22 cents per share, compared with year-ago income of $49 million, or 9 cents per share.

Analysts polled by Thomson Financial were looking for earnings, excluding items, of 25 cents per share.

Revenue decreased to $3.08 billion from $3.38 billion a year ago. Analysts were expecting revenue of $3.61 billion.

The company said a weak performance in its exploration and power segments offset increased natural gas production and higher realized prices, along with reduced interest expenses.

Profit from exploration and production _ the company's primary business _ rose to $158.8 million from $70.1 million in the same quarter a year ago. Meanwhile, Williams' power segment posted a quarterly loss of $226.4 million, reversing a profit of $109.3 million last year, related to unfavorable long- and short-term gas contracts.

The company's gas pipeline and processing segments reported higher profit of $161.1 million and $121.1 million, respectively.

Looking ahead, Williams narrowed its full-year forecast for profit in a range of $1.38 billion to $1.53 billion from an earlier range of $1.3 billion to $1.6 billion. Income from continuing operations, excluding items, should vary from $1.55 billion to $1.7 billion, or 84 cents to 94 cents per share.

Analysts are looking for earnings excluding items of 93 cents in 2005.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.