2023-05-03 16:19:06 ET
- Williams press release ( NYSE: WMB ): Q1 Non-GAAP EPS of $0.56 beats by $0.07 .
- Revenue of $3.08B (+22.2% Y/Y) beats by $430M .
- Adjusted EBITDA of $1.795 billion – up $284 million or 19% vs. 1Q 2022.
- Cash flow from operations of $1.514 billion – up $432 million or 40% vs. 1Q 2022.
- Available funds from operations of $1.445 billion – up $255 million or 21% vs. 1Q 2022.
- Record gathering volumes of 17.85 Bcf/d – up 18% from 1Q 2022.
- Record contracted transmission capacity of 32.5 Bcf/d – up 33% from 1Q 2022.
- Continued improvement of balance sheet with leverage ratio of 3.57x.
- 2023 Financial Guidance : The company continues to expect 2023 Adjusted EBITDA between $6.4 billion and $6.8 billion. The company expects 2023 growth capex between $1.6 billion to $1.9 billion due to the acceleration of Transco's Regional Energy Access project. Importantly, Williams anticipates a leverage ratio midpoint of 3.65x, which will allow it to retain financial flexibility. The dividend was increased by 5.3% on an annualized basis to $1.79 in 2023 from $1.70 in 2022.
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Williams beats Q1 top and bottom line estimates; reaffirms FY23 Adjusted EBITDA outlook