TULSA (AP) - Magellan Midstream Partners L.P. (MMP) on Thursday reported fourth-quarter profit of $286.4 million.
The Tulsa-based company said it had net income of $1.25 per share. Earnings, adjusted for non-recurring costs, were $1.31 per share. The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share. The petroleum and oil storage and transportation company posted revenue of $740.7 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $852.5 million. For the year, the company reported profit of $1.02 billion, or $4.46 per share. Revenue was reported as $2.73 billion. For the current quarter ending in April, Magellan Midstream expects its per-share earnings to be $1.08. The company expects full-year earnings to be $4.30 per share. ][Magellan Midstream shares have increased almost 2% since the beginning of the year. The stock has risen slightly more than 2% in the last 12 months.