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. Magellan conducts its operations in three segments: Refined Products, Crude Oil, and Marine Storage.
Currently, Magellan Midstream has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 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 - excluding mark-to-market commodity-related pricing adjustments - of 86 cents, higher than the Zacks Consensus Estimate of 73 cents.
Revenue: Total revenues of $577.2 million have outperformed the Zacks Consensus Estimate of $520 million.
Key Stats: Operating margin in the Refined Products segment increased by 20.5% from the year-earlier quarter to $241.6 million, while for the Crude Oil unit it improved 34.6% to $94.7 million. Moreover, the Marine Storage segment profitability increased to $32.2 million, from $27.6 million in the third quarter of 2014.
Check back later for our full write up on this Magellan Midstreamearnings report later!
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