Magellan Midstream Partners Q3 Earnings Up - Quick Facts

(RTTNews) - Magellan Midstream Partners, L.P. (MMP) reported net income of $198.6 million, or $0.87 per unit for third quarter 2014, significantly higher than last year's $125.6 million, or $0.55 per unit.

Quarterly net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-GAAP measure, was $0.71 during the third quarter 2014, exceeding the $0.62 guidance provided by management in August 2014, due to stronger-than-expected demand for refined products during the quarter.

Distributable cash flow, a non-GAAP financial measure representing the amount of cash generated during the period that is available to pay distributions, totaled $183.4 million for third quarter 2014, 30% higher than last year's $141.1 million.

Total revenue for the three-month period increased year-on-year to $521.6 million from $443.8 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share and revenues of $484.32 million for the quarter. Analysts' estimates typically exclude special items.

Based on solid financial results to date and outlook for the remainder of the year, the firm is raising its 2014 DCF guidance by $25 million to $865 million and remains committed to its goal of increasing annual cash distributions by 20% for 2014 and 15% for 2015.