ONEOK Inc. Earnings Cheat Sheet: Profit Rises for Second Straight Quarter

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

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ONEOK Earnings Cheat Sheet for the Third Quarter

Results: Net income for the gas utilities company rose to $60.3 million (57 cents per share) vs. $55.3 million (51 cents per share) in the same quarter a year earlier. This marks a rise of 9.1% from the year earlier quarter.

Actual vs. Wall St. Expectations: OKE beat the mean analyst estimate of 55 cents per share.

Quoting Management: “We continued to build on our solid second-quarter results and performed well in the third quarter,” said John W. Gibson, ONEOK chairman, president and chief executive officer. “Our ONEOK Partners segment turned in exceptional third-quarter results, due primarily to strong natural gas liquids price differentials and higher volumes.”

Key Stats:

The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by 4 cents, and in the first quarter, it fell short by 13 cents.

The company has now been profitable for the last nine quarters, and for the last five, profit has risen year over year by an average of 5.9%. The quarter with the biggest boost was the second, which saw a 32.2% surge.

Looking Forward: Over the last 30 days, analysts have not been optimistic about the company’s next quarter performance. The average estimate for the fourth quarter is now 88 cents per share, down from 90 cents. At $3.17 per share, the average estimate for the fiscal year has fallen from $3.24 ninety days ago.

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).

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(Source: Xignite Financials)