ONEOK, Inc. (OKE) Tuesday reported first-quarter net income attributable to the company of $112.5 million or $0.54 per share, compared to $122.9 million or $0.58 per share in the same period last year. Following the results, the company cut its earnings guidance for 2013.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.59 per share for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, ONEOK reaffirmed its 2013 net income guidance range of $350 million to $400 million, provided on Feb. 25, 2013.
2013 earnings guidance for ONEOK includes a projected dividend increase of 2 cents per share in July 2013, subject to ONEOK board approval. ONEOK's 2013 earnings guidance also includes a projected 0.5-cent-per-unit-per-quarter increase in unitholder distributions from ONEOK Partners, subject to ONEOK Partners board approval.
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