Magellan Midstream Partners, L.P. (MMP) has reported a 22.48 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $194.55 million, or $0.85 a share in the quarter, compared with $250.97 million, or $1.10 a share for the same period last year.
Revenue during the quarter dropped 5.95 percent to $551.78 million from $586.68 million in the previous year period. Gross margin for the quarter contracted 625 basis points over the previous year period to 54.05 percent. Total expenses were 57.60 percent of quarterly revenues, up from 50.63 percent for the same period last year. That has resulted in a contraction of 698 basis points in operating margin to 42.40 percent.
Operating income for the quarter was $233.95 million, compared with $289.67 million in the previous year period.
"Magellan continues to deliver solid financial results while maintaining our focus on developing opportunities to grow our business in a disciplined manner," said Michael Mears, chief executive officer. "During the third quarter of 2016, we successfully started operation of the Little Rock and Saddlehorn pipelines, representing key infrastructure projects to deliver refined petroleum products and crude oil to important demand centers."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
