Magellan Midstream Partners Q3 Profit More Than Doubles - Quick Facts

(RTTNews) - Magellan Midstream Partners L.P. (MMP) said that its third quarter 2013 net income grew to $125.6 million from $50.5 million in third quarter 2012. Net income per limited partner unit was $0.55 in third quarter 2013 versus $0.22 in the corresponding 2012 period.

Net income per unit excluding mark-to-market or MTM commodity-related pricing adjustments, a non-GAAP financial measure, of $0.54 for third quarter 2013 was higher than the $0.48 guidance provided by management in early Aug. due to higher refined transportation revenue, lower power costs and less integrity expenses than initially expected due to timing of project work that is now scheduled for later in the year. Operating profit was $154.6 million up from $79.3 million last year.

Distributable cash flow or DCF, a non-GAAP financial measure that represents the amount of cash generated during the period that is available to pay distributions, was $141.1 million for third quarter 2013, or 40% higher than the third-quarter 2012 DCF of $100.7 million.

Total revenue for the quarter improved to $443.83 million from last year's $325.87 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share and revenues of $424.75 million. Analysts' estimates typically exclude special items.

The company raised its 2013 DCF guidance by $10 million to $640 million and remains committed to its goal of increasing annual cash distributions by 16% for 2013 and 15% for 2014. Including actual results so far this year, net income per limited partner unit is estimated to be $2.54 for 2013, resulting in fourth-quarter guidance of 81 cents.

The guidance excludes future NYMEX MTM adjustments on the partnership's commodity-related activities and expected financial results from the pending Rocky Mountain pipeline acquisition.