Kirby Corp. Records Solid Results

Tuesday, February 20, 2001
Kirby Corp. has apparently had success incorporating Hollywood Marine, a move which effectively created the largest inland barge operator in the country. In February, the company reported earnings per share (EPS) of $0.38, versus $0.31 a year ago. While the company appears strong, poised for further growth, there are some concerns as noted in a research report from Lazard Freres & Co. LLC. Management expects the slowing U.S. economy to negatively impact transportation volumes, particularly for chemicals, as those customers project reduced demand for the year. First quarter results will also undoubtedly be touched by severe weather conditions common in the Midwest in January. For the fourth quarter 2000, marine transportation revenue increased 4.2% to $110.4 million from $106 million in 4Q99. Operating margins expanded to 18.7% from 16.9% in 4Q99, and up modestly from 18.6% in 3Q00, reflecting synergies of the integration of Kirby and Hollywood. Diesel repair revenue was essentially flat at $16.5 million compared with $16.6 million in 4Q99. Although operating margin improved to 8.8% from 8%, it declined sequentially from the 9.6% registered in 3Q00. Strengthening of the Gulf of Mexico business was not enough to offset weaknesses on the East and West Coasts. However, management is optimistic that this segment will improve results in 2001, driven by a bounce-back in the offshore oil service business, which is currently growing 10 to 15%. The company expects to spend $55 to $60 million on capital expenditures in 2001, an increase due in large to orders for 11 new barges at an average price of $1.7 to $1.8 million. Kirby ordered six asphalt barges in November 2000, and another five in January 2001 in response to customer demand. The newbuilds add to the current fleet of 50 black oil barges, including 28 dedicated to asphalt transportation.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

The Legal Consequences of 46 CFR Subchapter “M”

As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule.

Editorial: 75, 150 ... What’s in a Number?

It is not often that I break out the tux for my editorial picture, but this special edition dictates. I know that I should argue that all of our editions are special,

Brunswick Updates IMPACT Model Vessels

Brunswick Commercial & Government Products (BCGP) introduces 2015 model year updates to the 10-, 11- and 12-meter IMPACT models. Updates include a wider beam for more usable deck space,

Ports

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Vacant Pier at Long Beach Port to Ease Congestion

The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant pier on Terminal Island to be open and operating in December, which will

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1044 sec (10 req/sec)