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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Multraship Buys Three More Tugboats from Damen

Multraship and Damen Shipyards Group agreed on three new ASD (Azimuth Stern Drive) Tugs, all for delivery to Multraship in 2015. After delivery in Vietnam, scheduled

Waterjet-propelled Crewboat Delivered to Petrobras

BS Camburi, a 36-meter Monohull Crewboat built in Brazil by Arpoador Engenharia to the Petrobras type P2 specification has been launched and delivered.   Designed by Incat Crowther,

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Ports

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.1469 sec (7 req/sec)