Wednesday, Magellan Midstream Partners L.P. (MMP) said its fourth-quarter net income grew to $81.95 million or $0.77 per share from $81.06 million or $0.51 per share in the prior year period. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter.
Total revenues for the quarter increased to $353.25 million from $301.6 million in the comparable period. Eight analysts estimated revenues of $284.84 million for the quarter.
Distributable cash flow or DCF for the quarter rose to $104.9 million from $91.8 million in the earlier year period.
The company currently expects 2010 distributable cash flow of around $345 million and is targeting annual distribution growth of 4% during 2010. Net income per limited partner unit is estimated to be $2.66, with first-quarter guidance of 65 cents. Fourteen analysts estimate earnings of $2.52 per share for the year 2010 and ten analysts estimate earnings of $0.55 per share for the first quarter of 2010.
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