TULSA, Okla. (AP) -- Magellan Midstream Partners LP said Wednesday that first-quarter profit rose 4 percent, as its growing network of petroleum pipelines and storage facilities offset lower demand for gasoline.
Net income was $93.5 million, or 83 cents per share, for the three months ended March 31. That compared with $90.1 million, or 80 cents per share, a year earlier.
Magellan said it would have earned 94 cents per share excluding commodity-hedging losses — less than the 98 cents per share that the company had predicted in early February, because certain costs were higher than expected.
Revenue rose 11 percent to $493.5 million, from $442.9 million a year ago.
Analysts, who usually excluded one-time costs, had expected 94 cents per share on revenue of $476 million, according to data provider FactSet.
The company said it expects to earn $3.75 for the full year and 83 cents per share for the second quarter.
Wall Street was forecasting profit of $3.78 per share for the year and 91 cents per share for the current quarter.
Magellan Midstream Partners shares fell 24 cents to $70.94 in light midday trading.