Magellan Midstream: 2Q Earnings Snapshot
TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Thursday reported second-quarter profit of $253.7 million.
The Tulsa, Oklahoma-based company said it had net income of $1.11 per share. Earnings, adjusted for non-recurring costs, were $1.20 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The petroleum and oil storage and transportation company posted revenue of $701.7 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $653.2 million.
For the current quarter ending in October, Magellan Midstream expects its per-share earnings to be $1.03.
The company expects full-year earnings to be $4.20 per share.
Magellan Midstream shares have risen 16% since the beginning of the year. The stock has dropped almost 8% in the last 12 months.