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Magellan Midstream: 2Q Earnings Snapshot

August 1, 2019

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMP at https://www.zacks.com/ap/MMP

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