The company, which is engaged in the transportation, storage and distribution of refined petroleum products, said net income for the most recent quarter more than doubled to $242.6 million versus $113.0 million from the year ago quarter.
Diluted net income per limited unit was up to $1.07 for the 2014 first quarter versus 50 cents for the same period last year.
Diluted net income per unit was $1.07 for the quarter, higher than the guidance of 70 cents issued by management in February 2014.
TheStreet Ratings team rates MAGELLAN MIDSTREAM PRTNRS LP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGELLAN MIDSTREAM PRTNRS LP (MMP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."