Oneok's Earnings Fall

The company cites lower storage and marketing margins.
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(OKE) - Get Report

said its third-quarter earnings fell 86.2% from the year-ago period.

The Tulsa, Okla.-based gas company earned $24.4 million, or 21 cents a share, in the quarter, compared with $176.4 million or $1.62 a share, a year ago. The year-ago results included a gain of $151.4 million, or $1.39 a share, from the sale of the company's oil and gas production business. Analysts polled by Thomson First Call were expecting EPS of 19 cents in the most recent quarter.

Third-quarter revenue fell 17.2% from a year ago to $2.64 billion.

"Lower storage and marketing margins in the company's energy services segment were responsible for lower third-quarter results; however, the segment's nine-month performance has been exceptional," the company said.

Operating income for the third quarter rose 8.6% from a year ago to $119.5 million and operating margin increase 390 basis points to 7.3%.

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