Houston-based Kirby announced record net income of $22.6 million, or 85 cents per share, on record revenue of $224.9 million for the first quarter ended March 31. That compares with income of $13.3 million, or 52 cents per share, on revenue of $184.4 million for the same period last year.
Kirby also declared a two-for-one stock split of its common stock. Stockholders of record on May 10 will receive one additional share of common stock for each share of common stock held on that day. The additional shares will be distributed on May 31.
Retired pipeline executive David L. Lemmon has been elected to Kirby Corp.'s board of directors.
Lemmon replaces Robert G. Stone, Jr., who passed away on April 18.
Lemmon served as president and CEO of Colonial Pipeline Co. from November 1997 until his retirement last January. He was also appointed to serve on Kirby's audit committee.
Source: Houston Business Journal