ONEOK Q2 Profit Surges On Higher Revenues - Quick Facts

(RTTNews) - ONEOK, Inc. (OKE) reported second-quarter net income attributable to the company of $61.59 million or $0.29 per share, up from $0.92 million or breakeven per share for the year-ago quarter.

The prior-year period's results included a non-cash, after-tax charge of $71.0 million or $0.34 per share in the former energy services segment.

Total revenue for the quarter rose to $3.07 billion from $2.77 billion in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the quarter on revenue of $3.49 billion.

Looking ahead, the company said it expects strong performance at ONEOK Partners during the second half of 2014 and reaffirmed its 2014 cash flow available for dividends guidance range of $560 million to $640 million, provided on December 2, 2013.

The guidance includes a projected 53 percent increase in ONEOK's 2014 dividends declared to $2.33 per share, which includes the 40 percent increase declared in April 2014 and 3 percent increase declared in July 2014. The dividend increases are subject to ONEOK board approval.

Separately, ONEOK Partners, L.P. (OKS) reported second-quarter net income of $214.4 million or $0.54 per unit, compared to $202.4 million or $0.62 per unit in the year-ago quarter.