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 $1.01. 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 $678.8 million, above the Zacks Consensus Estimate of $647.7 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 resulting in an average positive surprise of 0.83%.
Key Stats: Operating margin from the Refined Products segment was $211.4 million compared with $221.3 million in the year-ago quarter.
Magellan Midstream’s Crude Oil unit generated $127.7 million of operating margin in the quarter compared to $101.9 million for the same period in 2017.
For the Marine Storage division, operating margin was $30 million, 13.1% lower than the $34.5 million earned in the year-ago period.
Magellan Midstream reported that its distributable cash flow (DCF) for first-quarter 2017 came in at $258.9 million, up 13.8% from the year-ago quarter.
Guidance: Management expects to generate record distributable cash flows of approximately $1,080 million for the full year and is sticking to its targeted annual distribution growth of 8%. Magellan guided towards second-quarter and full-year earnings per unit of 95 cents and $4.10, respectively.
The partnership plans to spend approximately $950 million on expansion projects in 2018, with expenditures of $425 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) Q1 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 $1.01. 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 $678.8 million, above the Zacks Consensus Estimate of $647.7 million.
Magellan Midstream Partners, L.P. Price and EPS Surprise
Magellan Midstream Partners, L.P. Price and EPS Surprise | Magellan Midstream Partners, L.P. Quote
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 resulting in an average positive surprise of 0.83%.
Key Stats: Operating margin from the Refined Products segment was $211.4 million compared with $221.3 million in the year-ago quarter.
Magellan Midstream’s Crude Oil unit generated $127.7 million of operating margin in the quarter compared to $101.9 million for the same period in 2017.
For the Marine Storage division, operating margin was $30 million, 13.1% lower than the $34.5 million earned in the year-ago period.
Magellan Midstream reported that its distributable cash flow (DCF) for first-quarter 2017 came in at $258.9 million, up 13.8% from the year-ago quarter.
Guidance: Management expects to generate record distributable cash flows of approximately $1,080 million for the full year and is sticking to its targeted annual distribution growth of 8%. Magellan guided towards second-quarter and full-year earnings per unit of 95 cents and $4.10, respectively.
The partnership plans to spend approximately $950 million on expansion projects in 2018, with expenditures of $425 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.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>