Magellan Midstream Partners (MMP) Tops Q1 EPS by 25c, Revenues Beat

Magellan Midstream Partners (NYSE: MMP) reported Q1 EPS of $1.28, $0.25 better than the analyst estimate of $1.03. Revenue for the quarter came in at $782.81 million versus the consensus estimate of $681.57 million.

"While we are pleased with our solid financial results for the first quarter of 2020, we remain focused on managing Magellan's business through the current challenging environment. Our employees have ensured Magellan's essential operations remain fully functional to provide continuity of fuel supply to the communities we serve, and we thank them for their professionalism and dedication during this difficult time," said Michael Mears, chief executive officer. "Although we expect near-term financial impacts from the significantly lower commodity prices and unprecedented reductions in refined products demand, Magellan's disciplined management approach, resilient business model and financial strength position us well to respond not only to the short-term industry challenges but to successfully manage our company for the long term."

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

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