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

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Coast Guard

USCG Investigates Oil Slick off California Coast

The U.S. Coast Guard was investigating a large oil sheen off the California coast west of Santa Barbara on Wednesday, a spokeswoman for the agency said.   The slick,

Four Rescued from Boat Fire in California

U.S. Coast Guard and firefighter crews helped rescue four people from a boat fire Tuesday afternoon in Alameda, Calif.   Coast Guard Sector San Francisco Command

Philippines Mulls Massive Military Spend

Philippine generals on Wednesday asked Congress to almost triple annual defence spending over the next five years to upgrade equipment amid an escalating marine dispute with giant neighbour China.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.1168 sec (9 req/sec)