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Magellan Midstream: 3Q Earnings Snapshot

TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Thursday reported third-quarter profit of $594.5 million.

The Tulsa, Oklahoma-based company said it had net income of $2.60 per share. Earnings, adjusted for non-recurring gains, came to $1.10 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

The petroleum and oil storage and transportation company posted revenue of $638 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $610.7 million.

Magellan Midstream shares have fallen 13 percent since the beginning of the year. The stock has dropped roughly 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMP at https://www.zacks.com/ap/MMP