The Williams Companies Inc., parent company of Salt Lake-based Northwest Pipeline Corp., reports a 47 percent increase in its 1990 net income.

The firm reported net income of $77 million or $1.58 per share on revenues of $1.8 billion, up from $52.5 million or $1.17 per share on revenues of $1.7 billion in 1989."The past year's results offer strong evidence of our company's improving earnings capacity, especially in light of unusual events during 1990 that took a $64 million bite out of the operating profit of one of our subsidiaries," said Joseph H. Williams, chairman and chief executive of the $4 billion energy transportation and digital telecommunications corporation.

He said the company's businesses are well-positioned and moving forward, adding that the Williams is in the midst of an extensive building program, with "budgeted commitments of more than $1 billion in attractive first-dollar investments, primarily in natural gas construction projects."

For the fourth quarter of 1990, the company reported net income of $52.2 million or $1.19 per share, compared with $23.4 million, or 53 cents per share, in the fourth quarter of 1989.