Oneok Lifts Outlook After Higher 2Q Profit

Dow Jones08-04

Oneok lifted its outlook after reporting a higher profit in the second quarter.

The natural-gas transmission company said it now expects to report a full-year profit between $3.41 billion and $3.79 billion, with earnings per share at a midpoint of $5.68. Analysts polled by FactSet currently expect full-year earnings of $5.68 a share, in line with the new outlook.

Chief Executive Officer Pierce Norton II said the company's ongoing growth projects, which are nearing completion, are building momentum for the back half of the year and support the guidance increase.

Oneok on Monday logged a second-quarter profit of $966 million, or $1.53 a share, up from $841 million, or $1.34 a share, a year earlier.

Revenue rose to $12.05 billion from $7.89 billion a year prior.

Analysts surveyed by FactSet were anticipating a profit of $1.46 a share on revenue of $8.95 billion.

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