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Strategies & Market Trends : Dividend investing for retirement

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From: Paul Kern	5/2/2013 8:35:15 AM
	of 34328

Magellan Midstream Reports First-Quarter Financial Results, Increases Distributable Cash Flow Guidance for 2013 Last update: 5/2/2013 8:30:00 AM TULSA, Okla., May 2, 2013 /PRNewswire via COMTEX/ -- Magellan Midstream Partners, L.P. (MMP) today reported operating profit of $142.5 million for first quarter 2013 compared to $122.8 million for first quarter 2012. Net income was $113.0 million for first quarter 2013 compared to $93.5 million for first quarter 2012. Diluted net income per limited partner unit was 50 cents in first quarter 2013 versus 41 cents in the corresponding 2012 period. Diluted net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, of 51 cents for first quarter 2013 was higher than the 45-cent guidance provided by management in early Feb. due to stronger refined products transportation volumes and additional product overages.

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