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Magellan Midstream (MMP) Beats on Q1 Earnings Estimates

Tulsa, OK-based Magellan Midstream Partners LPMMP is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia.

Currently, Magellan Midstream has a Zacks Rank #3 (Hold) but that could change following its first-quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: The partnership reported earnings per unit (EPU) - excluding mark-to-market commodity-related pricing adjustments - of 87 cents, surpassed the Zacks Consensus Estimate of 83 cents.

Revenue: Total revenues of $519.8 million beat the Zacks Consensus Estimate of $513.4 million.

Key Stats: In the Refined Products segment, quarterly operating profits were recorded at $170.9 million, down almost 7% from the year-ago quarter. However, the partnership's operating margin from Crude Oil unit was approximately $100.7 million, up 19% from the prior-year quarter.

Check back later for our full write up on this Magellan Midstream earnings report later!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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