Kirby Corporation Confirms 2005 Third Quarter and Year Guidance in the Aftermath of Hurricane Katrina
September 13 2005 - 6:30PM
PR Newswire (US)
HOUSTON, Sept. 13 /PRNewswire-FirstCall/ -- Kirby Corporation
(NYSE:KEX) ("Kirby") announced today that it is confirming its 2005
third quarter earnings guidance of $.65 to $.70 per share and 2005
year guidance of $2.50 to $2.60 per share. Kirby estimates the
effects of Hurricane Katrina will be in the $.04 to $.05 per share
range. Joe Pyne, Kirby's President and Chief Executive Officer,
commented, "Our marine transportation and diesel engine services
markets have remained strong during the 2005 third quarter.
Hurricane Katrina caused no notable damage to Kirby's fleet of 887
inland tank barges, 241 inland towboats or its four 35% owned
offshore dry cargo barge and tug units. All waterways in the
affected areas normally navigated by Kirby vessels are open to
inland and offshore barge traffic with the exception of the
Industrial Canal Lock located in eastern New Orleans, which
connects the Mississippi River with the Gulf Intracoastal Waterway
for movements eastbound to Mississippi, Alabama and Florida. Kirby
is presently moving cargoes to ports east of New Orleans by
diverting through the Baptiste Collette Bayou which bypasses
eastern New Orleans. Movements along the Texas and southwestern
Louisiana Gulf Intracoastal Waterway, Kirby's major areas of marine
transportation operation, are operating normally." Mr. Pyne further
commented, "Substantially all of the petrochemical and refinery
facilities serviced by Kirby and located in the impacted area of
Katrina were either totally shutdown or production levels were
significantly reduced as a result of the hurricane. Presently, most
facilities are back in full operation or operating on a limited
production basis. Several facilities south of New Orleans, and
along the Mississippi and Alabama Gulf Coast, remain closed."
Commenting on low water conditions on the Ohio River and lower
Mississippi River, Mr. Pyne stated, "For several weeks prior to
Katrina, Kirby had been light loading tank barges for destinations
on the Ohio and lower Mississippi Rivers due to low water
conditions on these rivers. Katrina brought much needed rainfall to
the Ohio River Valley and temporarily alleviated the low water
conditions; however, water levels have since begun to fall and we
are currently light loading tank barges for upriver destinations."
Kirby Corporation will present at Jefferies & Company Second
Annual Shipping Conference at the Mandarin Oriental Hotel in New
York on Thursday, September 15, 2005 at 11:00 a.m. Eastern Daylight
Time. The audio only presentation will be broadcast live over the
Internet and can be accessed at
http://www.jefferies.com/0905shipping . The slide presentation for
the Jefferies conference will be available on September 15th on
Kirby's website at http://www.kirbycorp.com/ . Replays will be
available at the Jefferies website for 90 days. 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. Through the diesel engine services
segment, Kirby provides after-market service for large medium-speed
and high-speed diesel engines and reduction gears used in marine,
power generation and railroad applications. Statements contained in
this press release with respect to the future are forward-looking
statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements
involve risks and uncertainties. Actual results could differ
materially from those anticipated as a result of various factors,
including cyclical or other downturns in demand, significant
pricing competition, unanticipated additions to industry capacity,
changes in the Jones Act or in U.S. maritime policy and practice,
fuel costs, interest rates, weather conditions, and the timing,
magnitude and number of acquisitions made by Kirby. Forward-looking
statements are based on currently available information and Kirby
assumes no obligation to update any such statements. A list of
additional risk factors can be found in Kirby's annual report on
Form 10-K for the year ended December 31, 2004, filed with the
Securities and Exchange Commission. DATASOURCE: Kirby Corporation
CONTACT: Steve Holcomb of Kirby Corporation, +1-713-435-1135 Web
site: http://www.kirbycorp.com/
http://www.jefferies.com/0905shipping
Copyright
Kirby (NYSE:KEX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kirby (NYSE:KEX)
Historical Stock Chart
From Jul 2023 to Jul 2024