Magellan misses but guides up

Investor's Business Daily

Strong demand drove up Q2 results, but the company still fell short of analyst estimates. Magellan Midstream Partners' (MMP) earnings rose 7.7% to 70 cents a share vs. views for 71 cents. Revenue climbed 11.8% to $496.5 mil, missing views for $503.3 mil. But the firm, which deals in petroleum-product and crude-oil transport, storage and distribution, upped full-year distributable cash flow (DCF) guidance to $840 mil from $810 mil. Shares fell 2.1% to 80.06.

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