Magellan Midstream Partners (MMP) reported stronger-than-expected Q2 results, topping both earnings and revenue estimates. Magellan Midstream Partners is a publicly-traded company that primarily transports, stores, and distributes refined petroleum products and crude oil. Shares of the company, which has access to nearly 50% of the refining capacity in the U.S., have gained 15% over the past year. Earnings of $1.26 per share beat analysts’ expectations of $0.99 per share. The company reported earnings of $0.59 per share in the prior-year period. Revenues jumped 48.7% year-over-year to $653.6 million and exceeded consensus estimates of $564.5 million. The increase in revenues reflected a surge in transportation and terminals revenue that increased to $455.
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