Williams Q1 2021 Earnings Report
Key Takeaways
Williams announced strong first-quarter results, exceeding expectations across key metrics. Net income was $425 million, with adjusted EPS up 35% from 1Q 2020. The company also raised its 2021 guidance for Adjusted EBITDA and AFFO by $100 million.
Net income of $425 million, or $0.35 per diluted share (EPS).
Adjusted EPS of $0.35 per diluted share, up 35% from 1Q 2020.
Cash flow from operations (CFFO) of $915 million, up $128 million or 16% from 1Q 2020.
Adjusted EBITDA of $1.415 billion, up 12% from 1Q 2020.
Williams
Williams
Forward Guidance
The company now expects 2021 Adjusted EBITDA between $5.2 billion and $5.4 billion and Available Funds from Operations between $3.7 billion and $3.9 billion, both a $100 million midpoint increase from guidance originally issued in February 2021. As well, the leverage ratio midpoint has been updated to ~4.2x versus ~4.25x prior for year-end 2021. The company is keeping intact 2021 growth capex guidance between $1 billion to $1.2 billion. Importantly, Williams expects to generate positive free cash flow (after capital expenditures and dividends), allowing it to retain financial flexibility.