Magellan Midstream Partners, L.P. (MMP) has reported a 29 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $250.97 million, or $1.10 a share in the quarter, compared with $194.55 million, or $0.85 a share for the same period last year.
Revenue during the quarter grew 6.32 percent to $586.68 million from $551.78 million in the previous year period. Gross margin for the quarter expanded 625 basis points over the previous year period to 60.31 percent. Total expenses were 50.63 percent of quarterly revenues, down from 57.60 percent for the same period last year. This has led to an improvement of 698 basis points in operating margin to 49.37 percent.
Operating income for the quarter was $289.67 million, compared with $233.95 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."
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