MAGELLAN MIDSTREAM PARTNERS Reports Earnings Results for FY2023 Q2 on August 3 2023
August 8, 2023
🌥️Earnings Overview
MAGELLAN MIDSTREAM PARTNERS ($NYSE:MMP) reported their FY2023 Q2 earnings results on August 3 2023, revealing total revenue of USD 877.2 million – an 11.2% rise from the same quarter of the preceding year. Nevertheless, net income was down 32.6% year over year at USD 238.7 million.
Market Price
Shares of the company opened at $65.5 and closed at the same, representing a 0.6% increase from the previous closing price of $65.1. This positive performance came despite challenging market conditions, showing the resilience of MAGELLAN MIDSTREAM PARTNERS’ business model. The company’s earnings for the period were in line with analyst expectations, reflecting strong operational efficiency and prudent cost management strategies.
Going forward, MAGELLAN MIDSTREAM PARTNERS appears well positioned to continue its growth trajectory, with an ever-expanding suite of services and solutions to meet the needs of customers across various industries. The company has also positioned itself to take advantage of emerging opportunities in the energy sector by leveraging its extensive network of midstream assets and expertise. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for MMP. More…
| Total Revenues | Net Income | Net Margin |
| 3.48k | 1.03k | 29.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for MMP. More…
| Operations | Investing | Financing |
| 1.5k | -181.4 | -1.2k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for MMP. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.63k | 5.91k | 8.48 |
Key Ratios Snapshot
Some of the financial key ratios for MMP are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.7% | 4.3% | 36.1% |
| FCF Margin | ROE | ROA |
| 37.8% | 46.3% | 10.3% |
Analysis
At GoodWhale, we recently conducted an analysis of MAGELLAN MIDSTREAM PARTNERS’ fundamentals. From our Risk Rating tool, we concluded that MAGELLAN MIDSTREAM PARTNERS is a low risk investment, both from a financial and business perspective. There was one risk warning that we detected in the income sheet. If you’re interested in learning more about the details of our analysis, please register with GoodWhale.com to check it out. We’ll provide you with a comprehensive overview of any potential risks associated with this investment, as well as offering advice and resources to help you make an informed decision. More…
Peers
It faces competition from other companies such as Enterprise Products Partners LP, Energy Transfer LP, and Enbridge Inc. Magellan has been able to stay ahead of the competition by offering a variety of services and products that meet the needs of their customers.
– Enterprise Products Partners LP ($NYSE:EPD)
Enterprise Products Partners LP is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; refined products transportation and storage; and petrochemical transportation and storage. Headquartered in Houston, Texas, Enterprise Products Partners LP has operations in the United States, Canada, Mexico and the Netherlands.
– Energy Transfer LP ($NYSE:ET)
Energy Transfer LP (ET) is a publicly traded partnership that owns and operates energy infrastructure assets in the United States. ET’s business segments include natural gas pipelines, natural gas gathering and processing, crude oil pipelines and terminals, and liquefied natural gas (LNG) terminals.
ET’s natural gas pipeline segment includes interstate and intrastate natural gas pipelines and associated storage facilities. The segment also includes LNG facilities. ET’s natural gas gathering and processing segment includes natural gas gathering systems, natural gas processing plants, and fractionation facilities. The segment also includes NGL transportation and marketing activities. ET’s crude oil pipeline segment consists of interstate and intrastate crude oil pipelines and associated storage facilities. The segment also includes crude oil gathering and transportation activities.
ET’s market cap is $36.7 billion as of 2022. The company has a return on equity of 14.71%. ET is one of the largest energy infrastructure companies in the United States with a diversified portfolio of energy assets.
– Enbridge Inc ($TSX:ENB)
Enbridge Inc is a Canadian multinational energy transportation company. It has the longest crude oil and liquids pipeline system in North America and is one of the largest energy infrastructure companies in the world. The company’s pipelines transport crude oil, natural gas, and refined products. It also has a large natural gas gathering and processing business. The company’s market cap as of 2022 is 103.67B and its Return on Equity is 9.87%.
Summary
Magellan Midstream Partners reported strong revenue growth, with total revenue of USD 877.2 million for the quarter ending June 30 2023, representing a 11.2% increase year-over-year. Despite this, net income decreased by 32.6%, representing a weaker performance than expected. Investors should analyze Magellan’s results closely to determine if the decline was due to internal factors or external market conditions. Analyzing the company’s operational metrics, financial strength, and performance relative to peers will be key in determining if Magellan is a good investment opportunity.
Related Posts
Recent Posts
