Williams Cos.' Profit Falls

Energy production and transportation firm Williams Cos.(WMB Quote) reported that its net income in the fourth quarter fell 49% compared with the same period last year.

The Tulsa, Okla.-based company reported net income of $115 million, or 20 cents per share, compared to $225 million, or 37 cents per share, in the fourth quarter last year.

Total net income included a $16 million charge from mark-to-market devaluations of its energy inventories. Earnings from continuing operations, which exclude nonrecurring items, were $192 million, or 33 cents per share, compared to $358 million, or 59 cents per share, a year ago. ...