Magellan Midstream Partners Lp (MMP) has reported 7.03 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $207.07 million, or $0.91 a share in the quarter, compared with $222.74 million, or $0.98 a share for the same period last year.

Revenue during the quarter dropped 19.04 percent to $519.82 million from $642.07 million in the previous year period. Gross margin for the quarter expanded 192 basis points over the previous year period to 54.50 percent. Total expenses were 58.35 percent of quarterly revenues, up from 57.72 percent for the same period last year. That has resulted in a contraction of 63 basis points in operating margin to 41.65 percent.

Operating income for the quarter was $216.52 million, compared with $271.47 million in the previous year period.

"Magellan reported solid financial results in the first quarter of 2017, with higher contributions generated from each of our operating segments. In addition, we recently commenced operations for a number of our joint venture projects, including Seabrook Logistics, which will serve as Magellan’s solution to meet the industry’s growing need for crude oil marine terminal infrastructure,” said Michael Mears, chief executive officer. "We remain focused on operating our business in a safe and financially sound manner while continuing to develop additional opportunities to grow our company."