Kirby Expects Strong 3Q Earnings

press release
Tuesday, September 20, 2011

Expected result compares with $.57 per share for the 2010 third quarter, fueled by continued strong inland marine transportation and land-based diesel engine services markets. Kirby to announce 2011 third quarter results on Wednesday, October 26, 2011, with conference call on Thursday, October 27, 2011.

Kirby Corporation announced today that it expects its 2011 third quarter net earnings to exceed $.90 per share, above the top end of Kirby's earnings guidance of $.82 to $.87 per share, and substantially above 2010 third quarter earnings of $.57 per share.  Kirby will address the 2011 fourth quarter and year guidance when it announces its third quarter results at 5:00 p.m. central time on Wednesday, October 26, followed by its conference call at 10:00 a.m. central time on Thursday, October 27, 2011.

Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Increased petrochemical production encouraged by low natural gas prices has led to strong utilization levels in Kirby's petrochemical fleet.  Stable refinery production levels with the exportation of heavy fuel oils continue to support Kirby's black oil products fleet.  New demand for the transportation of crude oil from shale formations in South Texas is in place, and crude oil from the Midwest to the Gulf Coast continues. The high utilization rates in our inland fleet have led to higher term and spot contract pricing.  Earnings from our newly acquired K-Sea Transportation remains in line with previous projections with accretive earnings being offset by acquisition transaction fees and expenses, increased interest expense and higher common shares outstanding associated with the acquisition."

Mr. Pyne further commented, "Our diesel engine services land-based market remains strong with the sale and service of hydraulic fracturing equipment used in recovering oil and gas reserves from United States shale formations, and from the sale of diesel engines and transmissions.  In addition, our medium-speed and high-speed marine markets, including the Gulf Coast oil services market, are slowly showing some signs of improvement." 

Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway and coastwise along all three United States coasts, Alaska and Hawaii.  Kirby transports petrochemicals, black oil products, refined petroleum products and agricultural chemicals by tank barge.  Through the diesel engine services segment, Kirby provides after-market service for medium-speed and high-speed diesel engines and reduction gears used in marine and power generation applications.  Kirby also distributes and services high-speed diesel engines and transmissions, pumps and compression products, and manufacturers oil field service equipment, including hydraulic fracturing equipment, for land-based pressure pumping and oilfield service markets.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

Marine Propulsion

Meyer Turku Lays Keel of Tallink’s LNG Ferry

The keel of the Tallink’s new LNG-powered fast ferry Megastar was laid at the Meyer Turku shipyard   The hull assembly of Tallink’s new fast ferry Megastar started

Cummins Connected Diagnostics Available with Geoteab

Geotab, a telematics engineering company, and Cummins Inc., an  independent manufacturer of diesel and natural gas engines, controls and emission solutions, has

Seaspan Venture: Like for Like

“We don’t usually remove the heads at mid-life on the Cummins engines,” Randy Beckler, Shore Engineer for Seaspan Marine, explained in reference to the 2003 launched

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

Barges

EU Pulls Plug on Back-Up Nav System

A British-led initiative to create a back-up to satellite navigation systems for ships has been pulled after failing to garner interest from other European countries,

Aqualis Offshore Lands Study Job for LNG Barge

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, has been contracted by Gas Entec Co. Ltd to provide an engineering

Barge Breakaway on the Mississippi

The U.S. Coast Guard is responding to a report of a grounded towing vessel and 35 barge breakaway near Caruthersville, Mo. On the Mississippi River.   Coast Guard

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1290 sec (8 req/sec)