ONEOK Partners, L.P. (OKS) Tuesday reported an increase in profit for the second quarter, helped mainly by improved margins.
Net income attributable to ONEOK increased to $61 million or $0.69 per share from $55.1 million or $0.67 per share in the same period last year. On a split-adjusted basis, earnings were $0.29 per share, compared to $0.26 per share last year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.70 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $2.53 billion, down from $3.44 billion last year. Analysts expected revenues of $2.86 billion.
Cost of sales and fuel increased to $1.98 billion from $2.93 billion last year.
Looking ahead to the fiscal year 2012 the company updated its earnings guidance to a range of $345 million to $375 million, compared with the previous range of $360 million to $410 million.
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