Kirby Corporation Announce Record Q1 Results
Record net earnings posted by tank barge operators, diesel service providers, Kirby Corporation (KEX) of Houston, Texas
Kirby Corporation announced record net earnings attributable to Kirby for the first quarter ended March 31, 2012 of $50.9 million, or $.91 per share, compared with $32.4 million, or $.60 per share, for the 2011 first quarter. Consolidated revenues for the 2012 first quarter were $566.9 million compared with $299.4 million reported for the 2011 first quarter.
Kirby's 2012 first quarter results included a $4.2 million before taxes, or $.05 per share, charge associated with increasing the fair value of the United Holdings LLC ("United") contingent earnout liability, and a $2.4 million before taxes, or $.03 per share, severance charge associated with the integration of Kirby Offshore Marine, LLC ("Kirby Offshore Marine") into Kirby.
Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Our first quarter results were helped by a strong inland tank barge market with high equipment utilization levels and favorable term and spot contract pricing.
Kirby Offshore Marine performed as expected factoring in typical winter weather operating conditions and the $2.4 million severance charge.
In our diesel engine services segment, United's business was strong, driven by manufacturing oil service equipment and remanufacturing and servicing existing oil service equipment. Our legacy diesel engine services marine and power generation markets reflected higher operating results from increased service for marine transportation, Gulf Coast oil service and power generation customers."
Mr. Pyne further commented, "In April, we changed the name of K-Sea Transportation Partners LLC, our coastal marine transportation company acquired in July 2011, to Kirby Offshore Marine thereby more fully integrating our coastal operation into the Kirby family of marine companies. Jim Farley was named President of Kirby Offshore Marine, having previously served as an Executive Vice President in our inland operations. David Grzebinski, our Executive Vice President and Chief Financial Officer, will also serve as Chairman of Kirby Offshore Marine."