Benzinga | Oct 30, 2020 08:20AM EDT

Magellan Midstream: Q3 Earnings Insights



Shares of Magellan Midstream (NYSE:MMP) decreased 0.2% in pre-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share fell 18.49% over the past year to $0.97, which beat the estimate of $0.84.

Revenue of $598,264,000 decreased by 8.88% year over year, which beat the estimate of $574,940,000.

Outlook

Q4 EPS expected to be between $0.80 and $0.80.

How To Listen To The Conference Call

Date: Oct 30, 2020

Time: 01:00 PM

ET Webcast URL: https://www.magellanlp.com/investors/webcasts.aspx

Price Action

52-week high: $65.34

52-week low: $22.02

Price action over last quarter: down 12.27%

Company Description

Magellan Midstream Partners is a master limited partnership that operates pipelines and storage terminals in the Central and Eastern United States. Its assets transport, store, and distribute refined petroleum products and crude and earn a fee-based stream of cash flows. Assets include the country's longest petroleum pipeline network, terminal storage, and several crude oil pipelines. Refined products make about 55% of operating margin, with the balance split between crude pipelines and marine terminals.