Kirby Announce Record Earnings in Q1 2014

Posted by George Backwell
Friday, May 02, 2014
Image courtesy of Kirby Corp.

US tank barge operator and diesel engine service providers, Kirby Corporation, inform that earnings for the first quarter ending March 31, 2014 amounted to $62.2 million, or $1.09 per share, compared with $56.6 million, or $1.00 per share, for the 2013 first quarter.  Consolidated revenues for the 2014 first quarter were $589.2 million compared with $558.8 million reported for the 2013 first quarter. Excerpts from the financial report follow:

Kirby's 2014 first quarter results included a $0.03 per share severance charge and an estimated $0.03 per share combined impact from delays related to winter weather and the costs associated with a collision of a Kirby vessel in the Houston Ship Channel. 

On April 29, 2014, the Board of Directors elected David Grzebinski as Kirby's Chief Executive Officer, replacing Joe Pyne (who will continue to serve as Kirby's Executive Chairman). CEO David Grzebinski commented:

"Despite the challenges in the quarter, we were pleased with our first quarter results.  Our marine markets continued to benefit from healthy levels of demand and high utilization which drove ongoing pricing improvement. The first quarter also reflected some improvement in our land-based diesel engine services market.  We expect this market to continue to improve throughout the year."

Segment Results – Marine Transportation

Marine transportation revenues for the 2014 first quarter were $435.8 million compared with $418.5 million for the 2013 first quarter. Operating income for the 2014 first quarter was $97.6 million compared with $89.3 million for the 2013 first quarter.

Segment Results – Diesel Engine Services

Diesel engine services revenues for the 2014 first quarter were $153.5 million compared with $140.3 million for the 2013 first quarter, and operating income was $12.8 million. This compares with operating income of $14.0 million for the 2013 first quarter which included a $4.3 million benefit resulting from the reduction of the fair value of the United contingent earnout liability.

Outlook

Commenting on the 2014 second quarter and full year market outlook and guidance, Mr. Grzebinski said, "Our earnings guidance for the 2014 second quarter is $1.25 to $1.35 per share compared with $1.11 per share earned in the 2013 second quarter, which included a $0.07 per share United earnout benefit.

About Kirby Corporation
Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii.

Kirby also distributes and services diesel engines, transmissions, pumps, compression products and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based pressure pumping and oilfield service markets.

http://www.kirbycorp.com
 

 

 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Finance

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

As First Victims Mourned, Italian Navy Searches On

Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.

Marine Power

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Barges

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Propulsion Under Wireless Remote Control

Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles

ContainerTug B.V. Releases Two New Models

Young Dutch ship design, engineering and construction company ContainerTug B.V. follows on the introduction of the ContainerTug 600S early last year with the release

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2871 sec (3 req/sec)