Williams reports Q4 adjusted EPS 19c, consensus 24c
Williams reported Q4 adjusted EBITDA of $1.197B, a $37M increase from Q4 of last year. Its current guidance for 2019, originally announced on May 17, 2018, remains unchanged with the exception of growth capital expenditures. Growth capital expenditure guidance has increased from prior guidance of $2.6B to $2.7B-$2.9B primarily due to timing shifts from 2018 to 2019. The company said, "Once again in 2018, our consistent natural gas-focused strategy delivered as expected with solid and predictable growth. In fact, our 2018 Adjusted EBITDA was a new record even in the face of asset sales totaling $4.6 billion over the past two and a half years that dramatically reduced commodity exposure and improved leverage metrics for WMB. Thanks to strong execution by our teams, we again delivered at the top end of the range for nearly all of our key guidance metrics for the year. Bringing the Atlantic Sunrise project online and dramatically increasing gathering volumes in our Northeast G&P segment were just a couple of the many achievements during the year. The quality and predictability of our cash flows, even in times of commodity swings, combined with the accelerating demand for natural gas, point to continued growth for us in 2019 as we enjoyed strong execution on all of our major projects in 2018 and the beginning of 2019."