An Earnings Beat: Pipeline operator Magellan Midstream Partners L.P. reported adjusted earnings per unit of $1.05, higher than the Zacks Consensus Estimate of $1.00. Strong contribution from the Crude Oil operating segment led to the beat.
Estimate Revision Trend: Investors should note that the Zacks Consensus Estimate for the quarter has been unchanged in the last seven days.
Revenue Outperformance: Magellan Midstream reported revenues of $644.1 million, above the Zacks Consensus Estimate of $618.1 million.
Zacks Rank & Surprise History: Currently, Magellan Midstream carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company has a mixed record: its beaten estimates in two of the last four quarters.
Key Stats: Operating margin from the Refined Products segment was $191.4 million compared with $214.4 million in the year-ago quarter.
Magellan Midstream’s Crude Oil unit generated $152 million of operating margin in the quarter compared to $105.8 million for the same period in 2017.
For the Marine Storage division, operating margin was $28.3 million, 12.2% lower than the $32.2 million earned in the year-ago period.
Magellan Midstream reported that its distributable cash flow (DCF) for second-quarter 2018 came in at $266.6 million, up 6.5% from the year-ago quarter.
Guidance: Management expects to generate record distributable cash flows of approximately $1.1 billion million for the full year and is sticking to its targeted annual distribution growth of 8%. Magellan guided towards third-quarter and full-year earnings per unit of $1.00 and $4.10, respectively.
The partnership plans to spend approximately $950 million on expansion projects in 2018 and 2019 each, with expenditures of $200 million thereafter required to complete these projects. Additionally, the partnership continues to look out for more than $500 million of potential organic growth projects in the earlier stages of development.
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Magellan Midstream (MMP) Q2 Earnings, Revenue Beat Estimate
An Earnings Beat: Pipeline operator Magellan Midstream Partners L.P. reported adjusted earnings per unit of $1.05, higher than the Zacks Consensus Estimate of $1.00. Strong contribution from the Crude Oil operating segment led to the beat.
Estimate Revision Trend: Investors should note that the Zacks Consensus Estimate for the quarter has been unchanged in the last seven days.
Revenue Outperformance: Magellan Midstream reported revenues of $644.1 million, above the Zacks Consensus Estimate of $618.1 million.
Zacks Rank & Surprise History: Currently, Magellan Midstream carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company has a mixed record: its beaten estimates in two of the last four quarters.
Magellan Midstream Partners, L.P. Price and EPS Surprise
Magellan Midstream Partners, L.P. Price and EPS Surprise | Magellan Midstream Partners, L.P. Quote
Key Stats: Operating margin from the Refined Products segment was $191.4 million compared with $214.4 million in the year-ago quarter.
Magellan Midstream’s Crude Oil unit generated $152 million of operating margin in the quarter compared to $105.8 million for the same period in 2017.
For the Marine Storage division, operating margin was $28.3 million, 12.2% lower than the $32.2 million earned in the year-ago period.
Magellan Midstream reported that its distributable cash flow (DCF) for second-quarter 2018 came in at $266.6 million, up 6.5% from the year-ago quarter.
Guidance: Management expects to generate record distributable cash flows of approximately $1.1 billion million for the full year and is sticking to its targeted annual distribution growth of 8%. Magellan guided towards third-quarter and full-year earnings per unit of $1.00 and $4.10, respectively.
The partnership plans to spend approximately $950 million on expansion projects in 2018 and 2019 each, with expenditures of $200 million thereafter required to complete these projects. Additionally, the partnership continues to look out for more than $500 million of potential organic growth projects in the earlier stages of development.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>