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.
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