August 2, 2018 / 1:02 PM / 3 months ago

Magellan Midstream Partners Q2 earnings beats expectations

HOUSTON, Aug 2 (Reuters) - Magellan Midstream Partners LP reported second-quarter profit on Thursday of $214.4 million, up 2 percent from the same period a year ago amid higher demand for crude oil and refined products pipelines.

The Tulsa, Oklahoma pipeline operator increased its annual guidance for 2018 distributable cash flow to $1.1 billion. The company beat Wall Street’s earnings expectations earnings per share excluding special items of $1.05. Analysts had expected the company to earn $1.01 per share in the second quarter, according to Thomson Reuters I/B/E/S. (Reporting by Collin Eaton, Editing by Franklin Paul)

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