Tulsa, OK-based Magellan Midstream Partners, L.P. (MMP) is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia. Magellan conducts its operations in three segments: Refined Products, Crude Oil, and Marine Storage.
Currently, Magellan Midstream has a Zacks Rank #4 (Sell) but that could change following its second-quarter 2015 report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: The partnership reported earnings per unit (EPU) of 82 cents (excluding mark-to-market commodity-related pricing adjustments), surpassing the Zacks Consensus Estimate of 74 cents.
Revenue: Revenues of $496.4 million, however, failed to meet the Zacks Consensus Estimate of $507 million.
Key Stats: Quarterly operating profits from the Refined Products segment were recorded at $162.7 million, up almost 10% from the year-ago quarter. The unit Crude Oil reported operating margin of approximately $73.5 million, down 31.2% from the prior-year quarter. The partnership’s earnings from the Marine Storage segment fell over 9% year over year to $27.4 million.
Stock Price: Following the earnings release, Magellan Midstream has lost 1.2% in the pre-market trading session. However, the price change after the full trading session will show the actual extent of the reaction.
Check back later for our full write up on this Magellan Midstream earnings report later!
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