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Marine Transportation Segment News

20 Sep 2021

Expect the Unexpected on the Inland Waterways

Among transportation planners, “resilience”, describing the ability to bounce back from adversities, both economic and other, has become a top consideration as we increasingly must “expect the unexpected.” The U.S. waterway system, covering the network of inland rivers and coastwise waterways, has seen a mix of good and not so good. As the 2020-2021 pandemic moves toward winding down, a recovery from the dismal 2020 is underway, but activity on the rivers is uneven. Ken Eriksen…

25 Jul 2019

Kirby Announces 2019 Q2 Financials

File Image of a Kirby inland asset underway and working. CREDIT Kirby

Kirby Corporation (“Kirby”) (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2019 of $47.3 million, or $0.79 per share, compared with earnings of $28.6 million, or $0.48 per share, for the 2018 second quarter. Excluding a one-time charge related to the retirement of Kirby’s Executive Chairman, 2018 second quarter net earnings attributable to Kirby were $46.8 million, or $0.78 per share. Consolidated revenues for the 2019 second quarter were $771.0 million compared with $802.7 million reported for the 2018 second quarter.David Grzebinski…

02 May 2019

Kirby Posts 2019 Q1 Results

David Grzebinski, Kirby’s President and Chief Executive Officer

Kirby Corporation announced net earnings attributable to Kirby for the first quarter ended March 31, 2019 of $44.3 million, or $0.74 per share, compared with earnings of $32.5 million, or $0.54 per share, for the 2018 first quarter. Excluding certain one-time charges, 2018 first quarter net earnings attributable to Kirby were $37.9 million, or $0.63 per share. Consolidated revenues for the 2019 first quarter were $744.6 million compared with $741.7 million reported for the 2018 first quarter.David Grzebinski…

31 Jan 2019

Kirby Announces 2018 Q4/FY18 Results, Deal to Buy Cenac's Marine Fleet

Kirby Corporation announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter. Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share. Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.For the 2018 full year…

27 Jul 2017

Kirby Announces 2Q Results

Photo courtesy of Kirby

Kirby Corporation (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2017 of $25.8 million, or $0.48 per share, compared with $38.9 million, or $0.72 per share, for the 2016 second quarter. Second quarter net earnings includes pre-tax expenses of $0.7 million, or approximately $0.01 per share, related to the pending acquisition of Stewart & Stevenson LLC (“S&S”). Consolidated revenues for the 2017 second quarter were $473.3 million compared with $441.6 million reported for the 2016 second quarter.

27 Feb 2015

Brightoil Reports Steady Growth in Interim Results

Photo: Brightoil Petroleum

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period. During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million. Basic earnings per share amounted to 6.41 HK cents, up 3% from a year ago. Total revenue climbed 11% from HK$40.3 billion in 1HFY2014 toHK$44.9 billion for the period as the twin-engines business model (upstream and mid-downstream businesses) enabled the group to secure steady growth amid volatile oil prices.

29 Jan 2015

Kirby Reports Record Earnings

Kirby CEO Joe Pyne (Photo: Greg Trauthwein)

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.3 million, $1.13 per share. Consolidated revenues for the 2014 Q4 increased 18% to $668.3 million compared with $568.4 million for Q4 2013. Kirby also reported record net earnings for the 2014 year of $282 million, $4.93 per share, compared with $253.1 million, $4.44 per share, for 2013 which included a $0.20 per share benefit due to the reduction of the United earnout liability.

30 Oct 2014

Kirby Corp. Announces Record 3Q Results

Kirby CEO Joe Pyne (Photo: Greg Trauthwein)

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the third quarter ended September 30, 2014 of $76.7 million, or $1.34 per share, compared with $69.1 million, or $1.21 per share, for the 2013 third quarter, which included a $0.08 per share benefit due to the reduction of the United earnout liability.

31 Jul 2014

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the second quarter ended June 30, 2014 of $75.0 million, or $1.31 per share, compared with $63.1 million, or $1.11 per share, for the 2013 second quarter. Consolidated revenues for the 2014 second quarter increased 11% to $628.1 million compared with $563.9 million reported for the 2013 second quarter.

01 Mar 2013

MMLP Purchases Marine Equipment From FMT

Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") and Florida Marine Transporters, Inc. ("FMT") has announced that MMLP has purchased from FMT affiliates six liquefied petroleum gas ("LPG") pressure barges and two commercial push boats for approximately $50.8 million. The newly acquired LPG barges enhance MMLP's natural gas liquids ("NGL") handling capabilities. The Partnership intends to use these assets to capitalize on logistical opportunities associated with NGLs on the Gulf Coast. Incremental NGL production volume from the Eagle Ford Shale is one of the primary drivers of the increasing demand for these types of assets. MMLP intends to drive margin by capitalizing on logistical opportunities in excess of the standard marine transportation services revenue.

03 Feb 2012

Kirby Announces 2011 4Q & FY Numbers

Kirby Corporation Announces Record 2011 Fourth Quarter and Year Results. Kirby Corporation ("Kirby") (NYSE: KEX) today announced record net earnings attributable to Kirby for the fourth quarter ended December 31, 2011 of $56.2 million, or $1.00 per share, compared with $31.6 million, or $.59 per share, for the 2010 fourth quarter. Consolidated revenues for the 2011 fourth quarter were a record $550.1 million compared with $286.3 million reported for the 2010 fourth quarter. The 2011 fourth quarter results included a $2.7 million before taxes, or $.03 per share, multi-year income tax refund, a $1.25 million before taxes, or $.01 per share…

28 Apr 2011

Kirby Corporation Announces 2011 First Quarter Results

Houston, Texas (April 27, 2011) – Kirby Corporation (“Kirby”) (NYSE:KEX) today announced net earnings attributable to Kirby for the first quarter ended March 31, 2011 of $32.4 million, or $.60 per share, compared with $24.7 million, or $.46 per share, for the 2010 first quarter. The 2010 first quarter net earnings included a charge for retirements and shore staff reductions of $4.1 million before taxes, or $.05 per share. Kirby’s published 2011 first quarter earnings guidance range was $.56 to $.61 per share.

31 Jul 2009

Kirby Q2 2009 Results

Kirby Corporation (NYSE:KEX) announced net earnings for the second quarter ended June 30, 2009 of $33.7 million, or $.63 per share, compared with net earnings of $40.3 million, or $.74 per share, for the 2008 second quarter. Kirby's published 2009 second quarter guidance range was $.52 to $.62 per share. Consolidated revenues for the 2009 second quarter were $272.7 million compared with $348.3 million reported for the 2008 second quarter. Joe Pyne, Kirby's President and Chief Executive Officer, commented, "The decline in our marine transportation and diesel engine services demand reflects a difficult economic environment. Our 2009 first quarter actions focused on early retirements, staff reductions, cost reductions and efficiency initiatives.

01 May 2009

Kirby Corp 1Q 2009 Results

Kirby Corporation (NYSE:KEX) announced net earnings for the first quarter ended March 31, 2009 of $28 million, or $.52 per share, compared with net earnings of $36.6 million, or $.68 per share, for the 2008 first quarter. The 2009 first quarter net earnings included a $4 million before taxes, or $.05 per share, charge for early retirements and staff reductions. Kirby's published 2009 first quarter earnings guidance range was $.45 to $.55 per share. Consolidated revenues for the 2009 first quarter were $277.7 million compared with revenues of $330.6 million reported for the 2008 first quarter. Joe Pyne, Kirby's President and Chief Executive Officer commented…

03 Feb 2009

Kirby Corp Record 2008 Results

Kirby Corporation (NYSE:KEX) announced record net earnings for the fourth quarter ended December 31, 2008 of $38.4m, or $.72 per share, compared with net earnings of $34.4m, or $.64 per share, for the 2007 fourth quarter. The 2008 fourth quarter net earnings included a $6m before taxes, or $.07 per share, increase in Kirby's allowance for doubtful accounts. Consolidated revenues for the 2008 fourth quarter were a record $326.7m, an increase of 6% over the $307.9m reported for the 2007 fourth quarter. "While our fourth quarter results mark the 20th consecutive quarter that our net earnings exceeded the same quarter of the previous year…

02 Oct 2001

Kirby On Track to Meet Estimates

Kirby Corp. reported second quarter earnings per share of $.44 versus $.39 a year ago, beating a Wall Street consensus estimate of $.40, reported Lazard Frères & Co., LLC. The marine transportation segment benefited from 94 inland barges leased from Dow Chemical Company in February, the Lazard report said. Lazard noted that the weakness in the company's core chemical and petrochemical business is expected to continue at least through the third quarter, while refined product, fertilizer and black oil volumes should continue to be strong. The company is expected to benefit from lower interest rates and a declining debt balance. As a result, Lazard has raised its 2001 EPS estimate to $1.60 from $1.53 and its 2002 EPS estimate to $1.72 from $1.69.

18 Apr 2002

Kirby 1Q Results are Up

Kirby Corporation reported net earnings for the first quarter ended March 31, 2002 of $8,808,000, or $.36 per share, compared with $6,755,000, or $.28 per share, for the 2001 first quarter. The 2001 first quarter included $1,565,000, or $.07 per share, of goodwill amortization expense. In 2002, Kirby ceased the amortization of goodwill under SFAS No. 142. Revenues for the 2002 first quarter decreased to $131,437,000 from $133,128,000 in the first quarter of 2001. EBITDA per share for the 2002 first quarter was $1.19, the same as the 2001 first quarter. Joe Pyne, Kirby's President and CEO, said, "Kirby achieved record first quarter results despite a sluggish economy and weak petrochemical volumes. Approximately 60% of what Kirby transports are petrochemicals.

02 Feb 2001

Kirby Corp. Announces Record Results

Kirby Corporation reported that for the fourth quarter ended December 31, 2000, net earnings were a record $9,088,000, compared with $3,974,000 for the 1999 fourth quarter. For the 2000 year, net earnings were $34,113,000, up from $21,441,000 in 1999. Joe Pyne, Kirby's President and Chief Executive Officer, said, "The 2000 fourth quarter net earnings of $.38 per share and 2000 year net earnings of $1.39 per share are record results for Kirby. Our EBITDA results of $33,615,000, or $1.39 per share, for the 2000 fourth quarter and $130,132,000, or $5.30 per share, for the 2000 year are also a record. Revenues for the 2000 fourth quarter and year were at record levels as well. This performance reflects the continuing benefits of the successful integration of Kirby and Hollywood Marine.

02 Mar 2000

Quarter and Year-End Earnings

Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield service companies continued to struggle, compared to the year-earlier marks. Unocal Corporation reported fourth quarter 1999 preliminary unaudited net earnings of $97 million and adjusted net earnings (excluding special items) of $77 million. The fourth quarter results compare with a reported loss of $29 million for the same period a year ago. Adjusted net earnings for the fourth quarter 1998 were $28 million. The fourth quarter earnings reflect higher oil and gas prices, offset partially by lower net oil and gas sales volumes and a higher international tax rate.

12 Nov 1999

No Relief Yet

Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October, as uncertainty surrounding OPEC output quotas has largely dampened the year's progress. In fact, a major tracker of offshore industry stocks, Warburg Dillon Read, in mid-October cut its ratings of four oilfield equipment and services companies.

24 Sep 1999

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

17 Aug 1999

ENSCO Announces 2Q Earnings

ENSCO International Inc. reported a net loss for the three months ended June 30, 1999 of $9.8 million on revenues of $79.4 million, compared to net income of $80.6 million on revenues of $234 million for the three months ended June 30, 1998. ENSCO's net income for the first six months of 1999 was $10.2 million on revenues of $207.1 million, compared to net income of $167.8 million on revenues of $480.4 million for the prior year period. The decline in the financial results is due to sharply reduced demand for contract drilling and related services in 1999 as compared to the prior year. During the second quarter of 1999, the Baker Hughes U.S. Rig Count reached an all time low.

29 Jan 2003

ENSCO Reports 4Q Results

ENSCO International Incorporated reported a net loss of $10.7 million ($0.07 per diluted share) on revenues of $206.8 million for the three months ended December 31, 2002, compared to net income of $29.9 million ($0.22 per diluted share) on revenues of $179.1 million for the three months ended December 31, 2001. Included in the fourth quarter results is a $46.1 million non-cash after tax charge ($0.31 per diluted share) for impairment of the Company's Venezuela assets and operations due to the ongoing political and economic uncertainty in Venezuela and the resulting virtual shutdown of industry activity. Excluding this impairment charge, the Company's net income for the quarter ended December 31, 2002, was $35.4 million ($0.24 per diluted share).