Williams Companies Inc (NYSE:WMB) stock rose 1.31% (As on May 7, 11:26:06 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 24. First-quarter 2024 Adjusted EBITDA increased by $139 million over the prior year, driven by the previously described favorable net contributions from acquisitions and expansion projects. First-quarter 2024 Adjusted Net Income improved by $35 million over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and the related income tax effects. First-quarter Available Funds From Operations (AFFO) increased by $62 million compared to the prior year primarily due to the change in operating results exclusive of non-cash items. During the quarter, the company had Closed acquisition of 6 storage facilities with total capacity of 115 Bcf across Louisiana and Mississippi, strategically located to serve growing LNG exports and power generation demand. The company has commenced construction on Transco’s Southside Reliability Enhancement and Southeast Energy Connector. First phase of Transco’s Regional Energy Access continued to deliver earnings with second phase on track to come online in 4Q 2024. The company has placed Transco’s Carolina Market Link into service 1Q 2024.

WMB in the first quarter of FY 24 has reported the adjusted earnings per share of 59 cents, beating the analysts’ estimates for the adjusted earnings per share of 49 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $2.77 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue by 4.92%.

Williams expects Adjusted EBITDA at the top half of its 2024 guidance range of $6.8 billion and $7.1 billion. The company continues to expect 2024 growth capex between $1.45 billion and $1.75 billion and maintenance capex between $1.1 billion and $1.3 billion, which includes capital of $350 million for emissions reduction and modernization initiatives. For 2025, the company continues to expect Adjusted EBITDA between $7.2 billion and $7.6 billion with growth capex between $1.65 billion and $1.95 billion and maintenance capex between $750 million and $850 million, which includes capital of $100 million based on midpoint for emissions reduction and modernization initiatives. Williams continues to anticipate 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.