Oneok says 3Q profit quadrupled

TULSA, Okla. - Oneok Inc., a diversified energy company, reported Wednesday that its third-quarter profit more than quadrupled as sales rose nearly 51 percent.

The company also affirmed its full-year profit guidance, though it narrowed the range.

For the three months ended Sept. 30, the company recorded net income of $58 million, or 55 cents a share, compared with a profit of $13.9 million, or 13 cents a share, for the same period a year ago.

Revenue in the quarter rose to $4.24 billion, compared with $2.81 billion in the July-September period a year ago.

Analysts surveyed by Thomson Reuters were expecting earnings of 24 cents a share on revenue of $2.82 billion.

For the first nine months of the year, the company reported net income of $243.7 million, or $2.30 a share, compared with a profit of $202.0 million, or $1.83 a share, in the same period last year. Nine-month revenue rose to $13.31 billion, compared with $9.49 billion a year ago.

As of Oct. 31, Oneok had $1.4 billion outstanding and $115 million available under its revolving credit facilities and roughly $335 million in available cash and cash equivalents.

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