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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.

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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