OKE - Oneok sees 10%-plus increase in 2023 adjusted EBITDA
Oneok ( NYSE: OKE ) -1.7% post-market Tuesday after Q3 GAAP earnings of $0.96/share edged analyst consensus by $0.01 and revenues rose 30% Y/Y to $5.91B but below the $6.12B consensus.
Q3 net income rose to $431.8M, or $0.96/share, from $392M, or $0.88/share, in the year-earlier quarter; adjusted EBITDA increased to $902.4M from $865.2M.
Oneok ( OKE ) also raised full-year profit guidance for the third time this year , hiking its forecast for adjusted EBITDA by $200M to $12.8B-$13B, helped by an acquisition as well as strong production and demand for natural gas the company moves on its pipelines.
The company expects a 10%-plus increase in FY 2023 adjusted EBITDA from 2022 guidance midpoints, "driven by an expectation for increased volumes, higher earnings from fee-based services in all three of our business segments and continued demand for the essential products and services Oneok provides."
Oneok's ( OKE ) stock price return shows a roughly flat YTD and a 6% decline during the past year .
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Oneok sees 10%-plus increase in 2023 adjusted EBITDA