05 February 2014 14:32 [Source: ICIS news]
HOUSTON (ICIS)--Magellan Midstream Partners reported a 24% year-on-year increase in its fourth-quarter net income to $190m, on the back of improved operating margins for two of its three core business segments, the US-based energy logistics firm said on Wednesday.
Magellan’s revenues for the three months ended 31 December 2013 were $577m, up from $503m the 2012 fourth quarter.
Total operating profit was up 22% year over year to $223.5m, with Magellan’s refined products and crude oil businesses recording year-on-year increases in operating margin while the marine storage business saw a decline.
For the full-year 2013, Magellan’s net income was $582m, compared with $436m in 2012.
CEO Michael Mears said that Magellan expects to further improve its performance this year, as it stands to benefit from growth projects commissioned last year, as well as from projects expected to begin operation during 2014.
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