Williams Cos. (NYSE: WMB) reported Q3 EPS of $0.27, in-line with the analyst estimate of $0.27. Revenue for the quarter came in at $1.93 billion versus the consensus estimate of $1.75 billion.

Strong 3Q 2020 results demonstrate stability and predictability of business; on track to meet 2020 guidance expectations

• Net income of $308 million ($0.25 per diluted share), up $88 million over 3Q 19
• Adjusted EPS of $0.27 per diluted share
• Adjusted EBITDA of $1.267 billion
• Year-to-date Adjusted EBITDA of $3.769 billion, continues to exceed year-to-date 2019
• Debt-to-Adjusted EBITDA leverage ratio of 4.42x, on track to be below 2020 guidance of 4.4x by year end

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

"The ongoing stability of our financial performance continues to distinguish Williams during a year marked by disruption and uncertainty. We captured tailwinds in the markets we serve – particularly in the Northeast with record volumes – and have delivered consistently strong quarterly results and cash flow throughout the year. Williams is well positioned to meet our pre-COVID 2020 guidance ranges for earnings, adjusted EBITDA and cash flow set in December 2019. We attribute the durability of Williams today to the premier positions of our natural gas infrastructure as well as the proactive measures we have taken in recent years to reduce leverage, increase stability and lower costs.

"I am proud of our employees for their extraordinary commitment during this most unusual year and hurricane season to safely run our operations while also successfully executing on projects like Bluestem Pipeline, and Transco’s Southeastern Trail and Leidy South expansion projects. Williams’ large-scale and irreplaceable natural gas transmission pipelines are supported by steady demand from a diverse base of utility, industrial and residential/commercial distribution customers that are fully contracted for years to come. Our gathering and processing business continues to benefit from our basin diversity, specifically in gas-directed areas where drilling remains active. In addition, we continue to grow services to key producers in the Gulf of Mexico deepwater where we have major dedications.

"From an ESG perspective, we took a major step in the third quarter by becoming the first U.S. midstream company to announce a climate commitment and set a near-term goal of 56% absolute reduction from 2005 levels in company-wide greenhouse gas emissions by 2030 by focusing on immediate, practical and affordable solutions that we can accomplish right here, right now. This puts Williams on a positive trajectory to achieve net zero carbon emissions by 2050. As the world moves to a low-carbon future, we believe natural gas is key to reducing emissions on a global scale while supporting the growth of renewables and helping our customers and stakeholders meet their energy needs and climate goals."

For earnings history and earnings-related data on Williams Cos. (WMB) click here.