Magellan Midstream Partners (MMP) Tops Q3 EPS by 13c, Raises Guidance

Magellan Midstream Partners (NYSE: MMP) reported Q3 EPS of $0.86, $0.13 better than the analyst estimate of $0.73. Revenue for the quarter came in at $577.2 million versus the consensus estimate of $518.54 million.

Financial guidance for 2015

Management is raising its 2015 DCF guidance by $40 million to $920 million, resulting in 1.35 times the amount needed to pay expected cash distributions for 2015. Management also remains committed to its goal of increasing annual cash distributions by 15% for 2015 and at least 10% for 2016. Guidance for 2017 distribution growth will be provided in early 2016.

Including actual results so far this year, net income per limited partner unit is estimated to be $3.53 for 2015, which results in fourth-quarter guidance of 84 cents. Guidance excludes future MTM adjustments on the partnership's commodity-related activities.

For earnings history and earnings-related data on Magellan Midstream Partners (MMP) click here.

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