Williams Clears Estimate, Raises Guidance

Williams (WMB Quote) said it earned 78 cents a share from continuing operations in the first quarter, easily topping the analysts' consensus estimate.

Analysts expected the company would earn 73 cents a share, according to Thomson Financial/First Call. In the year-ago period, the company earned 31 cents a share on a restated basis. Williams spun off Williams Communications (WCG Quote) earlier this week and the year-earlier results were restated to reflect this transaction.

"This great start to the year saw most of our energy businesses achieving year-over-year improvement in financial performance," Keith Bailey, chairman and CEO, said in a statement. "We continue to benefit from generally favorable market conditions in most of the industry sectors in which we operate and from our strategy of expanding the productive capacity of the company. As we look out over the balance of the year, we anticipate that favorable market conditions will continue, as will our commitment to invest in our capacity to produce results for all of our stakeholders.

"Based on this quarter's results and our view of the balance of the year, we are again adjusting our estimates for 2001, anticipating results of from $2.10 to $2.20 per share." Analysts had been projecting the company would earn $2.05 a share this year.