Magellan Midstream Q1 Results Top Views

Shares of Magellan Midstream were up almost 1% Wednesday morning after the company reported Q1 results which beat expectations compiled by Capital IQ.Q1 adjusted EPS was $0.96 per share, topping the $0.91 per share mean estimate.

Reported EPS was $0.98 per share, up from $0.91 per share in the year-ago quarter. Revenues rose to $642.1 million from $519.8 million in the year-ago quarter and beat the $554.2 million mean estimate. For FY17, the company expects EPS of $3.75 per share, below the $3.85 per share consensus. It continues to expect distributable cash flow of $1.0 billion. Q2 EPS is forecast at $0.85 per share, also below the $0.92 per share average estimate.

By Bryan Smith