from SNL Energy Finance Daily
Magellan Midstream's Q1 adjusted EBITDA declines YOY, but tops estimates
Byline: S&P Global Market Intelligence
Magellan Midstream Partners LP on April 29 reported first-quarter adjusted EBITDA of $344.1 million, a drop from $380.5 million in the previous-year period.
The S&P Capital IQ consensus adjusted EBITDA estimate for the first quarter was $319.4 million.
The partnership's distributable cash flow in the first quarter was $276.5 million, a decrease from $306.5 million in the year-ago quarter.
Magellan Midstream reported a first-quarter net income of $221.3 million, a decline from $287.6 million a year earlier.
Magellan Midstream set a 2021 adjusted EBITDA guidance of approximately $1.38 billion, a 2021 net income guidance of $940 million and boosted its 2021 DCF guidance by $50 million to $1.07 billion. The partnership said it anticipates to spend roughly $75 million in 2021 and $15 million in 2022 to finish its current slate of expansion capital projects.