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Article: Magellan Midstream Announces Third-Quarter Results.(Financial report)
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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Magellan Midstream Partners, L.P. (NYSE:MMP) reported financial results for third quarter 2009. Third-quarter 2009 operating profit was $74.8 million compared to $83.4 million for third quarter 2008. The 2008 period benefited from unusually high product margin (defined as product sales revenues less product purchases). Excluding product margin, operating profit from the partnership's core fee-based transportation and terminals activities increased $11.2 million, or 25%, in the 2009 period.
Net income was $54.2 million for third quarter 2009 compared to $69.4 million for third quarter 2008. Excluding product margin, net income increased in the current quarter by ...