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

Workboats

Mississippi River Closed Due to Collision, Spill

A unified command team continues its response Friday to an oil spill in the Mississippi River following a collision between two towboats at mile marker 937 in Paducah

Ailing Crewman Medevaced from Cable Lay Ship off US

A crew member reportedly suffering from a heart attack was air lifted by a U.S. Coast Guard helicopter crew from a cable-laying vessel 80 miles west of Coos Bay, Ore.

Comprehensive Winch Outfitting for New Trawlers

Fishing company HB Grandi of Iceland recently awarded Naust Marine a contract for complete winch outfitting of three new 180 ft. fishing trawlers.   The contract,

Ports

Port Pipavav Berths its Largest Box Ship

APM Terminals Pipavav (Gujarat Pipavav Port Ltd.), a gateway port in western India, has berthed the largest container vessel in the Port Pipavav’s history, the terminal announced today.

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

ICTSI Manila Starts Container Booking System

The Manila International Container Terminal (MICT) in the Port of Manila has started implementing a vehicle appointment system called Terminal Appointment Booking

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Port Authority Salvage 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: 0.1406 sec (7 req/sec)