Kirby Corp. Profits Disappoint
Barge operator Kirby Corp. said its third-quarter profit would miss Wall Street expectations by about 10 percent because of a fall off in refined petroleum shipments and higher fuel prices. Houston-based Kirby, which operates a fleet of barges and towing vessels transporting chemicals, refined petroleum and agricultural goods on U.S. inland waterways, said in a statement its third-quarter profit would be between 36 cents and 38 cents per share. Wall Street analysts had been expecting Kirby to report a profit of $0.41 cents per share, according to research firm First Call/Thomson Financial. A year earlier it had earned $0.34 cents per share. Refined product volumes were strong in the first and second quarters, but weakened during the third quarter, the company said.
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.
