Americas News
Barge Operator Kirby 'Pleased' With Q3 Performance
U.S. barge operator Kirby Corp. (Kirby) [NYSE:KEX] said its earnings per share rose to 95 cents in the third quarter of 2012, up from 94 cents in the same period last year, despite a 3 to 4 cent negative impact from low water and Hurricane Isaac.
"We were pleased with our overall third quarter performance, particularly in light of challenging weather conditions related to persistent low water throughout the Mississippi River System and the impact of Hurricane Isaac," said Joe Pyne, Kirby's chairman and CEO.
The company's average cost of fuel consumed fell 5.2 percent year-on-year to $3.10 per gallon from $3.27 per gallon for the third quarter of 2011.
Profits for the three months ended September 30, 2012 totaled $53.1 million on revenues of $521.3 million, compared with profits of $52.7 million and revenues of $563.6 million in Q3 2011.
In the fourth quarter, the company expects strong inland marine transportation of petrochemical and black oil products and favorable term and spot contract pricing, but it also anticipates continued low water restrictions on the Mississippi River System and a seasonal decline in the coastal marine transportation market.
These factors will add up to earnings of 83 to 93 cents per share, down from $1 per share in Q4 2011, the company predicts.
For the full 2012 year, Kirby now anticipates per-share earnings of between $3.53 and $3.63, compared with $3.33 last year.
In September, Kirby announced that it would acquire another U.S. barge operator, Allied Transportation Co., for $116 million, and said the transaction would not affect its 2012 results.
