Summary
Williams Companies, Inc. (WMB) filed a Current Report (8-K) on October 26, 2001, to disclose its unaudited third-quarter 2001 financial results. The company reported diluted net income of $0.44 per share, a significant increase compared to $0.27 per share in the same period of the prior year. Excluding certain investment write-downs and other charges, the recurring results for the third quarter of 2001 would have been $0.65 per share, exceeding the Wall Street consensus estimate of $0.53 per share. This performance indicates a strong operational quarter for Williams, despite the impact of specific charges.
Key Highlights
- 1Reported unaudited third-quarter 2001 net income of $0.44 per diluted share.
- 2This represents a substantial increase from $0.27 per diluted share in the third quarter of 2000.
- 3Recurring third-quarter 2001 results, excluding specific charges, were $0.65 per share.
- 4The recurring earnings per share surpassed the Wall Street consensus estimate of $0.53.
- 5Total investment write-downs for the quarter amounted to approximately $94 million.
- 6A significant portion of the write-downs, $71 million, was due to a reduction in the market value of its retained investment in Williams Communications Group, Inc.