Summary
ONEOK, Inc. (OKE) issued an 8-K filing on September 17, 2007, to reaffirm its full-year 2007 earnings guidance, projecting diluted earnings per share in the range of $2.50 to $2.70. The company indicated that operating income guidance for its distribution and ONEOK Partners segments remains unchanged and is consistent with expectations. However, the energy services segment is expected to perform near break-even for the third quarter of 2007. This performance is anticipated to place ONEOK's third-quarter earnings at the lower end of its previously provided guidance of 9 to 19 cents per diluted share. The company plans to release its official third-quarter 2007 earnings after market close on October 31, 2007, with a conference call scheduled for the following day. Investors should note that while some segments are performing as expected, the energy services segment's weaker performance is a key factor impacting the overall quarterly results.
Key Highlights
- 1ONEOK reaffirmed its full-year 2007 diluted earnings per share guidance of $2.50 to $2.70.
- 2Operating income guidance for the Distribution and ONEOK Partners segments remains unchanged and is on track.
- 3The Energy Services segment is projected to be near break-even for the third quarter of 2007.
- 4Third-quarter 2007 earnings are expected to be at the low end of the previously guided range of $0.09 to $0.19 per diluted share.
- 5ONEOK will release its third-quarter 2007 earnings after market close on October 31, 2007.
- 6A conference call to discuss third-quarter results is scheduled for the day after the earnings release.