Tulsa, OK-based Magellan Midstream Partners, L.P. ( MMP ) 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 first-quarter 2015 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) of 83 cents (excluding mark-to-market commodity-related pricing adjustments), failed to beat the Zacks Consensus Estimate of 93 cents.
Revenue: Revenues of $522.1 million also failed to surpass the Zacks Consensus Estimate of $648 million.
Key Stats: Quarterly operating profits from the Refined Products segment were recorded at $183.4 million, down almost 28% from the year-ago quarter. The unit Crude Oil reported operating margin of approximately $84.7 million, up 33.8% from the prior-year quarter. The partnership's earnings from the Marine Storage segment fell about 2% year over year to $27.9 million.
Check back later for our full write up on this Magellan Midstream earnings report later!
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