Williams Cos. made financial gains in the third quarter including an 8% increase from a year ago in net income which totaled $705 million and 58 cents a share, although its year-to-date earnings are down from a year ago.
Adjusted net income was $528 million and 43 cents while the third quarter adjusted EBITDA came to $1.703 billion, an increase of $51 million or 3% more than a year earlier, according to the earnings report released by the Tulsa-based company.
Cash flow from operations came to $1.243 billion and available funds from operations totaled $1.286 billion, up $56 million or 5% more than the third quarter of 2023.
As a result of the strong gains, Williams increased midpoint for full-year 2024 guidance by $125 million to $7.075 billion.
“Williams delivered another quarter of impressive financial results, with Adjusted EBITDA hitting a third quarter record of $1.7 billion, up 3 percent over third quarter 2023, driven primarily by our natural gas transmission expansions and Gulf Coast storage acquisition,” commented Alan Armstrong, president and chief executive officer.
He explained since the company exceeded financial expectations every quarter this year, the firm is confident in raising its 2024 adjusted EBITDA guidance midpoint to the more than $7 billion.
“Not only do we have a clear line of sight to a full roster of projects in execution, but we continue to commercialize vital, high-return projects across our footprint.”
But there were some declines experienced along the way. Year-to-date 2024 net income decreased by $390 million compared to the prior year reflecting an unfavorable change of $643 million in net unrealized gains/losses on commodity derivatives, higher net interest expense from recent debt issuances and retirements, lower realized hedge gains in the West, and higher operating costs, depreciation and interest expense resulting from recent acquisitions.
Third-quarter 2024 cash flow from operations was generally consistent with the prior year, while year-todate 2024 decreased compared to the prior year primarily due to unfavorable net changes in both working capital and derivative collateral requirements, partially offset by higher operating results
exclusive of non-cash items.