Summary
This 8-K filing from ONEOK, Inc. (OKE) dated September 25, 2006, primarily announces an upward revision to the company's full-year 2006 earnings guidance. The company is now projecting diluted earnings per share to be in the range of $2.50 to $2.60, a notable increase from the previous guidance of $2.36 to $2.44. Additionally, the filing provides specific earnings guidance for the third and fourth quarters of 2006. Third-quarter guidance is set between $0.15 and $0.19 per diluted share, while fourth-quarter guidance is projected at $0.55 to $0.59 per diluted share. This guidance update reflects changes in the average number of outstanding shares due to an accelerated stock repurchase program completed in August, reducing the estimated average outstanding shares to 113.9 million from a prior estimate of 117 million.
Key Highlights
- 1ONEOK raised its full-year 2006 diluted earnings per share guidance to a range of $2.50 - $2.60, up from $2.36 - $2.44.
- 2Third-quarter 2006 earnings guidance is projected between $0.15 - $0.19 per diluted share.
- 3Fourth-quarter 2006 earnings guidance is projected between $0.55 - $0.59 per diluted share.
- 4The average number of outstanding shares for 2006 is now estimated at 113.9 million, down from 117 million previously.
- 5The reduction in outstanding shares is attributed to an accelerated stock repurchase program completed in August 2006.
- 6The filing was made on September 25, 2006, reporting an event on September 21, 2006.