Kirby Reports Record 3Q

Thursday, October 26, 2006
Kirby Corporation announced record net earnings for the third quarter ended of $25.6m or $.48 per share, compared with $17.2m or $.34 per share, for the third quarter of 2005. The 2005 third quarter results included an estimated $.05 per share negative impact from Hurricanes Katrina and Rita. Consolidated revenues for the 2006 third quarter were $264,612,000, a 33% increase compared with $198,741,000 for the 2005 third quarter.

Kirby reported record net earnings for the first nine months of 2006 of $71.5m, or $1.34 per share, compared with $49m, or $.95 per share, for the first nine months of 2005. Consolidated revenues for the first nine months of 2006 were $732.8 a 26% increase compared with $582.4m for the 2005 first nine months. Marine transportation revenues and operating income for the 2006 third quarter increased 23% and 42%, respectively, compared with the third quarter of 2005. For the first nine months of 2006, revenues and operating income increased 21% and 37%, respectively, compared with the 2005 first nine months. The results for both periods reflected continued strong petrochemical, black oil products and refined products volumes. Pricing continued to reflect higher rates on contract renewals and spot market pricing. The 2006 third quarter and first nine months results were impacted by a continued tight vessel personnel labor pool and Gulf Coast charter towboat market, principally due to the effects of 2005 Hurricanes Katrina and Rita. Diesel engine services revenues and operating income for the 2006 third quarter increased 102% and 154%, respectively, compared with the 2005 third quarter. For the first nine months of 2006, revenues and operating income increased 56% and 96%, respectively, compared with the 2005 first nine months. The record diesel engine services results reflected the accretive acquisition of Global Power Holding Company on June 7, 2006 and the acquisition of the assets of Marine Engine Specialists, Inc. on July 21, 2006, as well as continued strong marine, offshore oil service, power generation and railroad markets.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Coast Guard

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

Migrant Boat Capsizes, Second in Two Days

A migrant boat capsized in the Mediterranean on Thursday and about 100 of its passengers have been rescued while the number of dead is unknown, officials said.   It

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0710 sec (14 req/sec)