Magellan Midstream +3.1% after strong Q4 results, upside guidance

Magellan Midstream Partners (MMP+3.1% premarket after beatings expectations for Q4 earnings and revenue.

Issues upside guidance for Q1 and FY 2014; sees Q1 EPS of $0.70 vs. $0.66 analyst consensus estimate, and sees 2014 EPS of $2.90 vs. $2.83 consensus.

Expects to generate record annual distributable cash flow of $730M in 2014 and raises annual distribution growth target to 20% for 2014, resulting in 1.2x the amount needed to pay cash distributions for 2014; targets 15% annual distribution growth for 2015.

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