Williams Companies Q3 Profit Surges

(RTTNews) - Williams Companies Inc. (WMB) reported third-quarter 2014 net income attributable to Williams of $1.678 billion or $2.22 per share, compared with net income of $141 million, or $0.20 per share for third-quarter 2013.

The $1.537 billion increase in net income during third-quarter 2014 was primarily the result of a $2.522 billion pre-tax non-cash re-measurement gain related to the consolidation of its previous equity-method investment in Access Midstream Partners as of July 1, 2014.

Adjusted income from continuing operations for third-quarter 2014 was $110 million, or $0.15 per share, compared with $130 million, or $0.19 per share for third-quarter 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

The decrease in adjusted income for the quarter was driven by $86 million higher net interest expense, including interest associated with debt at Access Midstream Partners, and $28 million lower NGL margins, partially offset by the segment results of our now consolidated Access Midstream Partners business and growth in Williams Partners' fee-based revenues.

The company expects dramatically higher results for Williams Partners in the fourth quarter and 2015.