ONEOK Earnings: Net Income Falls Two Quarters Straight

S&P 500 (NYSE:SPY) component ONEOK, Inc. (NYSE:OKE) reported its results for the first quarter. ONEOK Inc. is an energy company that distributes natural gas primarily in the United States.

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ONEOK Earnings Cheat Sheet for the First Quarter

Results: Net income for ONEOK, Inc. fell to $130.1 million ($1.19/share) vs. $154.5 million ($1.44/share) a year earlier. A decline of 15.8% from the year earlier quarter.

Revenue: Fell 1.5% to $3.87 billion YoY.

Actual vs. Wall St. Expectations: OKE fell short of the mean analyst estimate of $1.32/share. Estimates ranged from $1.28 per share to $1.40 per share.

Quoting Management: “Our business segments performed well in the first quarter, with ONEOK Partners turning in exceptional results,” said John W. Gibson, ONEOK vice chairman, president and chief executive officer. “Our distribution segment delivered a solid quarter, and our energy services segment, as expected, continued to perform well in a challenging market.”

Key Stats:

From the fourth quarter of the last fiscal year, the company’s current liabilities fell to $2.3 billion from $3.15 billion.

The company has now seen net income fall in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 11.1% from the year earlier quarter.

Over the last five quarters, revenue has increased 15.9% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 40.7% from the year earlier quarter.

Competitors to Watch: Oneok Partners LP (NYSE:OKS), Atmos Energy Corporation (NYSE:ATO), Western Gas Partners, LP (NYSE:WES), Targa Resources Corp. (NYSE:TRGP), National Fuel Gas Co. (NYSE:NFG), RGC Resources Inc. (NASDAQ:RGCO), Crosstex Energy, Inc. (NASDAQ:XTXI), UGI Corporation (NYSE:UGI), Chesapeake Utilities Corp. (NYSE:CPK), and Southwest Gas Corporation (NYSE:SWX)

Stock Performance: Shares of OKE are trading at $69.52 as of May 3, 2011 at 5:42 PM ET, down 0.3% from the previous closing price of $69.75.

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