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

Finance

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

Coast Guard

USNS Spearhead Delivers Materials to Ghana Charities

The U.S. Navy’s joint high-speed vessel USNS Spearhead (JHSV 1) delivered wheelchairs and medical supplies to Ghanaian non-governmental organizations March 26, 2015.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2534 sec (4 req/sec)