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

Workboats

Diesel Spill in Houston Ship Channel

A small section of the Upper Houston Ship Channel was closed Tuesday morning after a report of 1,000 gallons of diesel entered Greens Bayou from a cement facility, the U.

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

ABS Grants AIP for Jensen’s LNG ATB Design

A Jensen Maritime-designed, liquefied natural gas (LNG)-bunkering articulated tug-barge (ATB) has been granted approval in principle (AIP) by classification society American Bureau of Shipping (ABS).

Ports

Ghana to Roll out Shipping Training

Ghana is considering establishing modalities to compel shipping companies to introduce a training regime which ensures that their local staff gain professional qualifications in shipping.

Davao Sasa Port Modernization Project Attracts 6 Firms

Six local and foreign firms have expressed interest to construct a modern Davao Sasa Port, the Department of Transportation and Communications (DOTC), Philippines said.

New Productivity Record at Khalifa Port

Khalifa Port Container Terminal, KPCT, set a new productivity record by handling 2615 moves in just under 13 hours on the 9,365 TEU CMA CGM Thames which called into Khalifa Port on Tuesday 21st July.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1526 sec (7 req/sec)