=Magellan Midstream (MMP) reported earnings on Wed 2 Nov 2016 (b/o)

Magellan Midstream beats by $0.01, beats on revs; Guides net income per limited partner unit below consensus :

• Reports Q3 (Sep) earnings of $0.91 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.90; revenues rose 6.3% year/year to $586.67 mln vs the $563.51 mln Capital IQ Consensus.
• Outlook
• As a result of strong financial performance to date, management is increasing its 2016 DCF guidance by $15 million to $925 million, resulting in 1.2 times the amount needed to pay projected cash distributions for 2016.
• Management remains committed to its goal of increasing annual cash distributions by 10% for 2016 and at least 8% for 2017 while maintaining distribution coverage of at least 1.2 times each year.
• Including actual results so far this year, net income per limited partner unit is estimated to be $3.50 for 2016, Capital IQ consensus $3.60,  which results in fourth-quarter guidance of 91 cents, Capital IQ consensus $0.97..