Williams Companies Inc. (WMB) reported first-quarter net income of $161 million, or $0.23 per share, compared to $423 million, or $0.70 per share in the prior year quarter.
Adjusted income from continuing operations for the quarter was $152 million or $0.22 per share, compared to $236 million or $0.39 per share in the comparable quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
The company has lowered its 2013-14 earnings guidance primarily on prices, higher natural gas, lower NGLs.
The company now expects adjusted earnings per share of $0.73 for fiscal 2013. Earlier, the company expected adjusted earnings per share to be in the range of $0.75 - $1.15 for fiscal 2013. Analysts expect the company to report earnings of $0.98 per share for fiscal 2013.
For fiscal 2014, the company now expects adjusted earnings per share of $1.30, compared to prior outlook of $1.20 - $1.70 per share.
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