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Sunday, August 14, 2022

Magellan Midstream beats 1Q profit forecasts

TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Wednesday reported first-quarter earnings of $ 207.1 million.

The Tulsa, Oklahoma-based company said it had profit of 91 cents per share. Earnings, adjusted for non-recurring gains, came to 87 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The petroleum and oil storage and transportation company posted revenue of $ 519.8 million in the period.

For the current quarter ending in July, Magellan Midstream expects its per-share earnings to be 72 cents.

The company expects full-year earnings to be $ 3.37 per share.

Magellan Midstream shares have climbed 5 percent since the beginning of the year. The stock has decreased 15 percent 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 http://www.zacks.com/ap/MMP

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Keywords: Magellan Midstream Partners, Earnings Report

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