We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Magellan Midstream (MMP) Beats on Q2 Earnings Estimates
Tulsa, OK-based Magellan Midstream Partners LP 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 second-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 82 cents, surpassed the Zacks Consensus Estimate of 73 cents.
Revenue: Total revenues of $519 million beat the Zacks Consensus Estimate of $505 million.
Key Stats: In the Refined Products segment, quarterly operating profits were recorded at $177.3 million, up almost 20% from the year-ago quarter. However, the partnership’s operating margin from Crude Oil unit was approximately $96.9 million, down 9.4% from the prior-year quarter.
MAGELLAN MDSTRM Price and EPS Surprise
MAGELLAN MDSTRM Price and EPS Surprise | MAGELLAN MDSTRM Quote
Check back later for our full write up on this Magellan Midstream earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>