Williams Cos. Sees 15% Earnings Growth
Williams Cos.(WMB Quote), which this week agreed to take over interest payments on a former unit's debt and sold a natural gas pipeline, said it's on track for 15% year-over-year earnings growth.
The energy company expects recurring earnings of $2.15 to $2.30 a share for 2002 and 40 cents to 45 cents a share in its first quarter. Williams also said it ended 2001 with a debt-to-capital ratio of 71% but said its recent measures will improve it by 14 percentage points to 57% by the end of 2002. "Williams believes that this is well within the levels required to support growth initiatives and an investment-grade credit rating," the company said.
On Thursday, MidAmerican Energy Holdings, a unit of Berkshire Hathaway(BRKA Quote), agreed to purchase the Kern River interstate natural gas pipeline system from Williams for $450 million cash plus $510 million in assumed debt. In addition, a Berkshire unit agreed to buy $275 million of 9 7/8% cumulative convertible preferred Williams stock, giving it a 3% stake.
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