Summary
Williams Companies, Inc. (WMB) reported its first-quarter 2002 financial results on April 25, 2002. The company announced unaudited recurring earnings per share of $0.51, which fell short of the previously guided range of $0.40 to $0.45 but exceeded the prior year's restated recurring earnings of $0.77 per share. This quarter's results were impacted by a significant $232 million pre-tax charge related to a reduction in the carrying value of receivables from Williams Communications Group, Inc. (WCGRQ).
Key Highlights
- 1Williams reported first-quarter 2002 recurring earnings of $0.51 per share, exceeding their prior guidance range.
- 2Net income for the first quarter of 2002 was $107.7 million, a decrease from $199.2 million in the same period last year.
- 3A substantial $232 million pre-tax charge was taken to reduce the carrying value of receivables from Williams Communications Group, Inc. (WCGRQ).
- 4The company reported a first-quarter 2002 loss from discontinued operations of $15.5 million, primarily related to the sale of the Kern River pipeline.
- 5Diluted earnings per share for Q1 2002 were $0.07, which included a non-cash reduction of $0.13 per share due to accounting for a preferred stock offering.
- 6The Kern River pipeline was sold on March 27, 2002, contributing to discontinued operations.