Kirby Reports Record Results Despite Lower Bunkering Revenues

by Ship & Bunker News Team
Tuesday November 4, 2014

Kirby Corp. (Kirby) last week announced record results for the third quarter of 2014 (Q3 2014) but said its bunkering business had suffered.

The Houston-based tank barge operator includes a bunkering operation as part of its Marine Transportation business as well as distributing and servicing diesel engines through its Diesel Engine Services division.

The company reported record earnings per share of $1.34 and said Q4 earnings per share were expected to be be within a range of $1.30 to $1.40.

Kirby's bunkering operation, suffered, however.

Results were "negatively impacted by changes in Kirby's Florida bunkering operation where a customer change led to a decrease in dedicated equipment and reduced revenue," said Kirby in a statement for investors.

But Kirby's Marine Transportation division was able to maintain vessel utilisation of between 90 and 95 percent meaning results remained only slightly down for the business.

Kirby reported revenue and profit had doubled for its Diesel Engine Services division.

Earlier this year, Kirby filed a lawsuit for $10 million following a collision in the Houston Ship Channel resulting in the spilling of thousands of gallons of oil.