ONEOK Q1 Net Profit Falls

(RTTNews) - ONEOK, Inc. (OKE) reported first-quarter net income of $93.5 million or $0.45 per share, compared to $112.5 million or $0.54 per share for the year-ago quarter.

Income from continuing operations for the first quarter was $91.7 million or $0.44 per share, compared to $57.3 million or $0.27 per share in the prior year quarter..

First-quarter 2014 results include one-time benefits of $4.0 million, or $0.02 per share, in income from continuing operations, related to the separation of the natural gas distribution segment into ONE Gas, Inc. (OGS) and the wind down of the energy services segment.

Total revenue for the first quarter rose to $3.16 billion from $2.52 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.38 per share on revenue of $3.75 billion for the first quarter.

ONEOK increased its quarterly 2014 dividend 40 percent, or 16 cents per share, to 56 cents per share, effective for the first quarter 2014, resulting in an annualized cash dividend of $2.24 per share.

The company also reaffirmed its 2014 cash flow available for dividends guidance range of $560 million to $640 million, provided on December 2, 2013.

Separately, ONEOK Partners, L.P. (OKS) reported first-quarter net income of $265.4 million or $0.81 per unit, compared to $156.6 million or $0.42 per unit for the year-ago quarter.