For the quarter ended June 2023, Magellan Midstream Partners reported revenue of $877.2 million, up 11.2% over the same period last year. EPS came in at $1.23, compared to $1.13 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $797.91 million, representing a surprise of +9.94%. The company delivered an EPS surprise of +11.82%, with the consensus EPS estimate being $1.10.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Magellan Midstream performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Refined products - Total volume shipped: 141.4 MBBL versus 142.5 MBBL estimated by three analysts on average.
- Crude oil - Volume shipped: 70 MBBL compared to the 62.35 MBBL average estimate based on three analysts.
- Crude oil - Terminal average utilization (million barrels per month): 22.9 MBBL compared to the 22.96 MBBL average estimate based on two analysts.
- Refined products- Affiliate management fee revenue: $1.50 million compared to the $1.75 million average estimate based on two analysts.
- Total revenue- Transportation and terminals revenues: $503.20 million compared to the $440.74 million average estimate based on two analysts. The reported number represents a change of +7.2% year over year.
- Crude oil- Transportation and terminals revenue: $115.30 million versus the two-analyst average estimate of $114.60 million. The reported number represents a year-over-year change of -5%.
- Total revenue- Affiliate management fee revenue: $5.30 million compared to the $5.48 million average estimate based on two analysts. The reported number represents a change of -5.4% year over year.
- Refined products- Transportation and terminals revenue: $389.90 million compared to the $336.95 million average estimate based on two analysts. The reported number represents a change of +11.7% year over year.
- Total revenue- Product sales revenue: $368.70 million versus the two-analyst average estimate of $352.78 million. The reported number represents a year-over-year change of +17.5%.
- Refined products- Operating margin: $233.60 million compared to the $281.73 million average estimate based on two analysts.
- Refined products- Product margin: $61.90 million compared to the $29.40 million average estimate based on two analysts.
- Refined products- Transportation and terminals margin: $389.20 million versus the two-analyst average estimate of $267.10 million.
View all Key Company Metrics for Magellan Midstream here>>>Shares of Magellan Midstream have returned +4.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Magellan Midstream (MMP) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended June 2023, Magellan Midstream Partners reported revenue of $877.2 million, up 11.2% over the same period last year. EPS came in at $1.23, compared to $1.13 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $797.91 million, representing a surprise of +9.94%. The company delivered an EPS surprise of +11.82%, with the consensus EPS estimate being $1.10.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Magellan Midstream performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Refined products - Total volume shipped: 141.4 MBBL versus 142.5 MBBL estimated by three analysts on average.
- Crude oil - Volume shipped: 70 MBBL compared to the 62.35 MBBL average estimate based on three analysts.
- Crude oil - Terminal average utilization (million barrels per month): 22.9 MBBL compared to the 22.96 MBBL average estimate based on two analysts.
- Refined products- Affiliate management fee revenue: $1.50 million compared to the $1.75 million average estimate based on two analysts.
- Total revenue- Transportation and terminals revenues: $503.20 million compared to the $440.74 million average estimate based on two analysts. The reported number represents a change of +7.2% year over year.
- Crude oil- Transportation and terminals revenue: $115.30 million versus the two-analyst average estimate of $114.60 million. The reported number represents a year-over-year change of -5%.
- Total revenue- Affiliate management fee revenue: $5.30 million compared to the $5.48 million average estimate based on two analysts. The reported number represents a change of -5.4% year over year.
- Refined products- Transportation and terminals revenue: $389.90 million compared to the $336.95 million average estimate based on two analysts. The reported number represents a change of +11.7% year over year.
- Total revenue- Product sales revenue: $368.70 million versus the two-analyst average estimate of $352.78 million. The reported number represents a year-over-year change of +17.5%.
- Refined products- Operating margin: $233.60 million compared to the $281.73 million average estimate based on two analysts.
- Refined products- Product margin: $61.90 million compared to the $29.40 million average estimate based on two analysts.
- Refined products- Transportation and terminals margin: $389.20 million versus the two-analyst average estimate of $267.10 million.
View all Key Company Metrics for Magellan Midstream here>>>Shares of Magellan Midstream have returned +4.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.