Magellan Midstream: Q4 Earnings Snapshot

TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Thursday reported fourth-quarter net income of $187 million.

On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 91 cents. Earnings, adjusted for non-recurring costs, came to $1.06 per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.

The petroleum and oil storage and transportation company posted revenue of $861 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $855.7 million.

For the year, the company reported profit of $1.04 billion, or $4.95 per share. Revenue was reported as $3.2 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a MMP">Zacks stock report on MMP at https://www.zacks.com/ap/MMP