Natural gas provider Williams Companies said Thursday that its fourth-quarter profit fell 49 percent due to weak economic conditions and sharply lower commodity prices, and lowered its 2009 profit outlook for its consolidated segments on commodity price pressure and scaled-back production.
Quarterly earnings slid to $115 million, or 20 cents per share, compared with $225 million, or 37 cents per share, in the prior-year period. Excluding special charges and discontinued operations, the company reported an adjusted net income of $192 million, or 33 cents per share.
Analysts surveyed by Thomson Reuters estimated a profit of 30 cents per share on average. Analysts typically exclude one-time items.
Revenue fell 12 percent to $2.2 billion, from $2.5 billion during the same period last year. Analysts forecast an average revenue of $2.9 billion.
For the full-year, Williams Cos. reported a profit of $1.41 billion, or $2.40 per share, up from $990 million, or $1.63 per share in 2007. Revenue rose 18 percent to $12.4 billion.