Magellan Midstream: 2Q Earnings Snapshot
TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Thursday reported second-quarter earnings of $214.4 million.
On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 94 cents. Earnings, adjusted for non-recurring costs, came to $1.05 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The petroleum and oil storage and transportation company posted revenue of $644.1 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $618.1 million.
Magellan Midstream shares have increased 1.5 percent since the beginning of the year. The stock has climbed 3 percent in the last 12 months.