Magellan Midstream Partners, L.P. (MMP) reported third quarter net income of $54.22 million, compared to $69.35 million last year.
Net income per limited partner unit was $0.43, compared to $0.46 in the year ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share. Analysts' estimates typically exclude special items.
Total revenues declined to $239.77 million from $292.19 million in the same quarter last year. Seven analysts estimated revenues of $248.31 million.
Management currently estimates 2009 net income per limited partner unit of $2.25 inclusive of the accounting impact of the simplification, with fourth-quarter guidance of 78 cents. Because of the significant increase in the number of outstanding MMP units following the simplification, quarterly net income per unit will not sum to the annual guidance. Guidance assumes no NYMEX MTM adjustments for the remainder of the year.
Analysts expect the company to earn $2.31 per share.
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