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Mar 31, 2024
Williams Q1 2024 Earnings Report
Williams announced strong first-quarter results, driven by solid execution on acquisitions and organic growth.
Key Takeaways
Williams reported a strong first quarter with increased adjusted EBITDA, driven by the outperformance of transmission, storage, and gathering businesses. The company is positioned to hit the top half of its 2024 financial guidance range, supported by recent acquisitions and project execution.
GAAP net income was $631 million, or $0.52 per diluted share.
Adjusted EBITDA increased by 8% to $1.934 billion compared to Q1 2023.
Cash flow from operations (CFFO) reached $1.234 billion.
Dividend coverage ratio was 2.60x (AFFO basis).
Revenue by Segment
Forward Guidance
Williams expects Adjusted EBITDA at the top half of its 2024 guidance range of $6.8 billion and $7.1 billion.
Positive Outlook
- Expects Adjusted EBITDA at the top half of its 2024 guidance range of $6.8 billion and $7.1 billion.
- Continues to expect 2024 growth capex between $1.45 billion and $1.75 billion.
- Continues to expect 2024 maintenance capex between $1.1 billion and $1.3 billion, including capital of $350 million for emissions reduction and modernization initiatives.
- Continues to expect Adjusted EBITDA between $7.2 billion and $7.6 billion for 2025.
- Anticipates a leverage ratio midpoint for 2024 of 3.85x and has increased the dividend by 6.1% on an annualized basis to $1.90 in 2024 from $1.79 in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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