August 1, 2019 / 1:02 PM / 23 days ago

Magellan Midstream Q2 earnings beat Wall Street estimate

HOUSTON, Aug 1 (Reuters) - Pipeline operator Magellan Midstream Partners LP’s profits rose in the second quarter because of increased tariff rates on pipelines for refined products and stronger commodity prices, the company said on Thursday.

Magellan posted earnings of $1.11 a unit, six cents above the average estimate of analysts, according to Refinitiv data. The company boosted its annual distributable cash flow guidance by $40 million to $1.22 billion for this year. (Reporting by Collin Eaton in Houston; Editing by Bernadette Baum)

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