Magellan Midstream Cuts 2Q Profit Estimate In Half
Stock quotes in this article:
MMP
TULSA, Okla. (AP) Magellan Midstream Partners LP on Wednesday cut its profit outlook for the full year and second quarter as rising oil prices hurt its hedge positions.
It left intact its estimate of $330 million of cash flow to be distributed to partners. The partnership, which transports, stores and distributes refined petroleum products, said it now expects a profit of $2.50 per limited partner unit for the full year, and 30 cents for the second quarter. In April it had estimated it would earn $2.60 for the year and 63 cents for the quarter. Analysts surveyed by Thomson Reuters were expecting a profit of $2.49 for the year and 64 cents for the quarter. Magellan Midstream Partners shares fell 43 cents to close at $33.25 after the morning announcement.- Loading Comments...
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