Magellan Midstream Partners Q4 Profit Rises - Quick Facts

(RTTNews) - Magellan Midstream Partners, L.P. (MMP) reported net income of $252.1 million, or $1.10 per unit for fourth quarter 2014, significantly higher than last year's $190.0 million, or $0.83 per unit.

Quarterly net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-GAAP measure, was $0.93 during the third quarter 2014, similar to the $0.92 guidance provided by management in October 2014.

Distributable cash flow, a non-GAAP financial measure representing the amount of cash generated during the period that is available to pay distributions, was $248.1 million for fourth quarter 2014, compared to $236.6 million in the prior year period.

Total revenue for the latest fourth quarter increased to $667.07 million from $577.44 million in the prior year period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share and revenues of $602.06 million for the quarter. Analysts' estimates typically exclude special items.

The company expects net income per limited partner unit to be $2.95 for 2015, with first-quarter guidance of $0.80 per limited unit.

Management remains committed to its goal of increasing annual cash distributions by 15% for 2015 and currently expects to generate annual DCF of $840 million in 2015, resulting in 1.2 times the amount needed to pay cash distributions for 2015.

Management is targeting annual distribution growth of at least 10% for 2016.