Williams Partners L.P. (WPZ) has reported an 1,168 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $634 million, or $0.68 a share in the quarter, compared with $50 million, or $0.25 a share for the same period last year.
Revenue during the quarter grew 19.89 percent to $1,983 million from $1,654 million in the previous year period. Gross margin for the quarter contracted 514 basis points over the previous year period to 52.60 percent. Total expenses were 77.31 percent of quarterly revenues, down from 81.32 percent for the same period last year. This has led to an improvement of 401 basis points in operating margin to 22.69 percent.
Operating income for the quarter was $450 million, compared with $309 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1,117 million compared with $1,060 million in the prior year period. At the same time, adjusted EBITDA margin contracted 776 basis points in the quarter to 56.33 percent from 64.09 percent in the last year period.
Alan Armstrong, chief executive officer of Williams Partners’ general partner, made the following comments: "We continue to differentiate ourselves with a focused strategy on natural gas infrastructure in support of consistent and sustainable growth in gas volumes. We continue to deliver top quartile EBITDA growth among our peers as we increased year-over-year Adjusted EBITDA for the 14th quarter in a row. This quarter, our growth was delivered despite some significant impacts from third-party outages and more extreme weather in the Rockies area, proving once again the resiliency of our business model."
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