March 18, 2008
Kirby ups earnings guidance
Kirby Corporation (NYSE: KEX) expects its 2008 first quarter net earnings to exceed $.66 per share, above the top end of its earnings guidance of $.57 to $.62 per share, and substantially above 2007 first quarter earnings of $.46 per share.
President and CEO Joe Pyne comments: "Our higher earnings guidance reflects stronger than anticipated demand for both our marine transportation and diesel engine services operations. We continue to experience high equipment utilization, an upward trend in rates, increased efficiencies from operating additional towboats and an increase in revenues derived from time charters (daily rate contracts), which are insulated from revenue fluctuations caused by weather and navigational delays."
Kirby Corporation, based in Houston, Texas, operates inland tank barges and towing vessels, transporting petrochemicals, black oil products, refined petroleum products and agricultural chemicals throughout the United States' inland waterway system. Kirby also owns and operates four ocean-going barge and tug units transporting dry-bulk commodities in United States coastwise trade. 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, power generation and railroad applications.