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Magellan Midstream: 4Q Earnings Snapshot

TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Thursday reported fourth-quarter net income of $314.1 million.

The Tulsa, Oklahoma-based company said it had net income of $1.37 per share. Earnings, adjusted for non-recurring gains, came to $1.03 per share.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The petroleum and oil storage and transportation company posted revenue of $865.7 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $710.2 million.

For the year, the company reported profit of $1.33 billion, or $5.84 per share. Revenue was reported as $2.83 billion.

For the current quarter ending in April, Magellan Midstream expects its per-share earnings to be 90 cents.

The company expects full-year earnings to be $3.80 per share.

Magellan Midstream shares have climbed 12 percent since the beginning of the year. The stock has fallen 12 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