TULSA (dpa-AFX) - Williams Companies Inc. (WMB) announced first-quarter 2012 net income attributable to Williams of $423 million, up from net income of $321 million for first-quarter 2011. On a per share basis, net income was $0.70, up from $0.54 last year. The increase in first-quarter 2012 net income was primarily due to gains in discontinued operations associated with the sale of Williams' former assets in Venezuela.
Adjusted income from continuing operations was $236 million for first-quarter 2012, compared with $169 million for first-quarter 2011. Adjusted income from continuing operations was $0.39 per share, compared with $0.28 per share last year. The increase in the adjusted income from continuing operations for first-quarter 2012 was due to improved results in both the Williams Partners and Midstream Canada & Olefins segments.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Williams said its 2012 and 2014 adjusted earnings per share guidance, issued on March 19 in conjunction with Williams Partners' Caiman acquisition, is being slightly increased. Previous adjusted earnings per share guidance for 2013 is unchanged.
Williams' guidance midpoints for expected adjusted earnings per share are $1.40 in 2012, $1.55 in 2013 and $1.83 in 2014. The projected adjusted earnings per share amount of $1.83 in 2014 is a 49-percent increase over Williams' 2011 adjusted earnings per share of $1.23.
Analysts expect the company to report earnings of $1.43 per share for fiscal 2012.
The company also continues to expect a full-year 2012 dividend to shareholders of $1.20 per share. The planned 2012 dividend is a 55 percent increase over the full-year 2011 dividend to shareholders of $0.775 per share. The company also continues to expect an increase of its dividend by 20 percent in both 2013 and 2014.
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