DOW JONES NEWSWIRES Williams Cos. (WMB) swung to a first-quarter profit as the natural-gas transporter and exporter reported improved results in its Midstream Canada and Olefins segment, while its Williams Partners L.P. (WPZ) business posted 4.7% lower earnings due to interest payments on debt. Williams has benefited of late from higher commodity prices and strength at Williams Partners, which holds gas-transportation and gathering assets. Williams holds a roughly 75% limited-partner interest in Williams Partners and also owns Canadian midstream and U.S. olefins assets. The partnership agreed last month to acquire an added 25% interest in the Gulfstream interstate gas pipeline system from Williams for $330 million, a move the natural-gas company took to simplify its structure. In February, Williams said it plans to split its businesses into two separate, publicly traded companies, joining a growing list of firms suggesting their segments are worth more separately than combined. Williams plans to separate its exploration and production business from its infrastructure business through an initial public offering of up to 20% of the interest in third quarter and then spin off the rest to shareholders next year. Williams reported a profit of $321 million, or 54 cents a share, compared with a prior-year loss of $193 million, or 33 cents a share. Excluding restructuring charges and other items, adjusted earnings were flat at 36 cents. Analysts polled by Thomson Reuters expected 36 cents. The company doesn't provide revenue figures in its press releases detailing quarterly results. Williams Partners, meanwhile, posted a profit of $307 million, or 81 cents a unit, down from a prior-year profit of $322 million, or 61 cents a unit. The latest quarter included $37 million in higher interest expenses. Analysts most recently expected 85 cents and $1.52 billion. Shares of Williams closed at $31.38 Wednesday, while Williams Partners closed at $52.30. Both were mostly inactive postmarket. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com
