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On Feb. 3, 2009,
Magellan Midstream Holdings
reported a 31.1% surge in its Q4 FY08 earnings, helped by lower expenses and a strong performance from Magellan Midstream Partners (MMP). Net income stood at $19.50 million or $0.32 per share compared to $14.88 million or $0.28 per share in the prior year's quarter. The recent quarterly earnings missed the consensus estimate of $0.34 per share.
Total revenue for the latest fourth quarter plunged 19.8% to $301.61 million from $376.26 million a year ago, hurt by lower revenue from product sales. Looking at the company's business segments, Transportation and Terminals revenue increased 4.1% to $166.96 million from $160.37 million a year ago. On the flip side, product sales revenue plummeted 37.7% to $134.47 million from $215.71 million in Q4 FY07. Product purchases costs declined 50.3% to $94.18 million from $189.42 million, while operating costs and expenses ascended 7.6% to $71.03 million from $65.99 million in the prior year's quarter. Moreover, total costs and expenses decreased 30.5% to $206.06 million from $296.47 million. Operating profit advanced 18.9% to $96.11 million from $80.85 million a year ago. As a result, operating margin widened 1,038 basis points to 31.87% from 21.49% in the year-ago quarter.
Recently, Magellan Midstream increased its quarterly cash distribution by 17.0% to $0.36 per share.
For FY08, total revenue declined 8.0% to $1.21 billion from $1.32 billion in the previous year. Net income for the year soared 54.6% to $85.67 million or $1.40 per share from $55.40 million or $0.98 per share in FY07.
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