Kirby Corp. Announces Record 3Q Results
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.
Kirby Corp. Records Solid Results
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.
News: Poor Weather, Repairs Forces Kirby to Lower Expectations
"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share. Navigational delays due to fog along the Gulf Coast, both high and low water issues on the Mississippi River, and major repairs to a critical lock on the Gulf Intracoastal Waterway, have resulted in increased transit times. Navigational delays increase transit times, which reduce revenues and increase operating expenses.
Kirby Buys Towboats, Barges from Coastal
Kirby Corp. signed an asset purchase agreement with Coastal Towing, Inc. to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, 2002, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.
Kirby Signs Agreement With Coastal Towing
Kirby Corporation announced the signing of an asset purchase agreement with Coastal Towing, Inc. ("Coastal") to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.
