ONEOK Q3 Profit Rises, Beats View; Lifts Outlook - Quick Facts

(RTTNews) - ONEOK, Inc. (OKE) reported third-quarter net income attributable to the company of $64.46 million or $0.31 per share, up from $62.36 million or $0.30 per share for the year-ago quarter.

The latest quarter's results include a noncash impairment charge of $76.4 million or $0.09 per share attributable to ONEOK, in the gathering and processing segment at ONEOK Partners (OKS).

The prior-year quarter's results include a noncash, after-tax charge of $10.4 million or $0.05 per share, associated with the wind down of ONEOK's former energy services segment.

Total revenue for the quarter rose to $3.12 billion from $2.71 billion in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter on revenues of $3.74 billion.

Looking ahead, ONEOK raised its outlook for 2014 cash flow available for dividends to a range of $590 million to $640 million from the prior range of $560 million to $640 million. The company also raised the midpoint of its earnings guidance range to $316 million from the prior midpoint of $285 million.

Separately, ONEOK Partners, L.P. (OKS) reported third-quarter net income of $167.2 million or $0.32 per unit, down from $216.3 million or $0.64 per unit in the year-ago quarter. The latest quarter's results include a noncash impairment charge of $76.4 million, or $0.31 per unit.

For fiscal 2014, ONEOK Partners lowered its net income guidance to a range of $910 million to $970 million from the prior guidance range of $975 million to $1.075 billion announced on December 3, 2013.

The revised outlook reflects noncash impairment charge of $76.4 million in the natural gas gathering and processing segment during the third quarter 2014, and lower anticipated earnings in the partnership's natural gas liquids segment due to narrower NGL location price differentials and lower expected NGL volumes as a result of increased ethane rejection.