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Higher fee-based activities, strong demand bolster Magellan's Q4, 2017 results

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Higher fee-based activities, strong demand bolster Magellan's Q4, 2017 results

Magellan Midstream Partners LP on Feb. 1 posted fourth-quarter 2017 adjusted EBITDA of $377.4 million, up from $338.8 million in the prior-year period.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $369.2 million.

The partnership's distributable cash flow in the quarter was $308.3 million, an increase from $277.2 million in the prior-year period. Magellan reported net income of $237.9 million, up from $213.3 million a year earlier.

For the full year, the partnership reported adjusted EBITDA of $1.30 billion, an increase from $1.21 billion a year earlier. The S&P Global Market Intelligence consensus estimate for full-year adjusted EBITDA was $1.29 billion.

DCF for the year was $1.02 billion, up from $947.5 million in the previous year. Net income came to $869.5 million, compared with net income of $802.8 million in the previous year.

Magellan forecast a full-year 2018 adjusted EBITDA of 1.36 billion and DCF of 1.05 billion. Net income for 2018 is expected to reach $915 million.