Kirby Corp. reports continued overall inland tank barge utilization & improved rates as US petrochemical production remained strong.
Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Our second quarter earnings of $.85 per share came in at the high end of our revised $.80 to $.85 per share guidance range. During the second quarter, we experienced overall continued strong inland tank barge utilization and improved rates as United States petrochemical production remained strong. Our coastal transportation results were hindered by higher than anticipated maintenance related costs and further deterioration in the Northeast market.
In our diesel engine services segment, our legacy marine market remained strong during the quarter and our power generation market remained positive. For the land-based market, with the decrease in natural gas prices, we experienced a significant decrease in demand for the manufacturing of hydraulic fracturing equipment, but the demand for the remanufacturing of such equipment continues to improve."
Kirby reported net earnings attributable to Kirby for the 2012 first six months of $98.5 million, or $1.76 per share, compared with $74.1 million, or $1.38 per share, for the first half of 2011. Consolidated revenues for the 2012 first six months were $1.08 billion compared with $737 million for the first six months of 2011.