ONEOK, Inc. (OKE) Monday reported a decline in fourth-quarter profit to $115.5 million or $0.53 per share, from $115.0 million or $0.55 per share in the same period last year. Following the results, the company cut its earnings guidance for 2013.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile quarterly revenues slumped to $3.65 billion from $4.07 billion in the year-ago quarter, while analysts expected to see revenues of $3.31 billion.
Looking ahead, the company revised down its earnings guidance for the full year 2013 to a range between $350 million and $400 million, from its prior guidance in a range of $405 million to $455 million. The current guidance reflects lower expected earnings in its ONEOK Partners segment, said ONEOK.
Analysts currently expect the company to report earnings of $1.94 per share for 2013.
John Gibson, chairman and chief executive stated, "We experienced less favorable natural gas liquids price differentials and lower natural gas and natural gas liquids prices than in 2011."
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