Kirby Corporation Expects 2005 Third Quarter Net Earnings to Be $.65 to $.67 Per Share, After Impact of Hurricanes Katrina and R
October 12 2005 - 7:00PM
PR Newswire (US)
* 2005 Third Quarter Earnings Expected to Be $.65 to $.67 Per Share
Compared With $.53 Per Share for the 2004 Third Quarter *
Hurricanes Katrina and Rita Negatively Impacted the Results By an
Estimated $.10 to $.12 Per Share * Results Positively Influenced By
Continued Strong Business Levels in Both the Marine Transportation
and Diesel Engine Services Markets * Kirby Will Announce 2005 Third
Quarter Results on Wednesday, October 26, With Conference Call on
Thursday, October 27, 2005 HOUSTON, Oct. 12 /PRNewswire-FirstCall/
-- Kirby Corporation (NYSE:KEX) ("Kirby") announced today that
following the impact of Hurricanes Rita and Katrina it expects its
2005 third quarter earnings to be $.65 to $.67 per share compared
with 2004 third quarter earnings of $.53 per share. Kirby estimates
the 2005 third quarter effect of Hurricanes Katrina and Rita will
be in the $.10 to $.12 per share range. On September 13, 2005,
following the aftermath of Hurricane Katrina but before Hurricane
Rita, Kirby confirmed its earlier third quarter guidance of $.65 to
$.70 per share. Joe Pyne, Kirby's President and Chief Executive
Officer, commented, "Our 2005 third quarter results are
surprisingly strong despite the two Gulf Coast hurricanes. The
marine transportation and diesel engine services markets remained
strong, with the marine transportation market favorably impacted by
the continued renewal of term contracts at higher rates, favorable
spot market pricing and fuel cost recovery. While our operations
were negatively impacted by the two hurricanes, certain lower
operating and administrative expenses positively impacted the
quarter. The hurricanes caused no notable damage to our fleet of
887 active tank barges, 241 inland towboats and four 35% owned
offshore dry-cargo barge and tug units. At the present time, all
waterways in the hurricane affected areas are open to inland and
offshore barge traffic and are operating normally. The majority of
the petrochemical and refinery facilities served by Kirby and
located in the paths or the projected paths of the hurricanes have
resumed full production or are currently in the process of resuming
production. Several facilities south of New Orleans, and along the
Mississippi and Alabama Gulf Coast, remain closed." Mr. Pyne
further commented, "Historically, the impact of a hurricane is
short to medium-term positive for Kirby as a result of deviations
in the normal supply and distribution patterns, leading to
increased volumes transported. However, we have never experienced
back to back Gulf Coast hurricanes of such magnitudes, making it
difficult to project recovery volumes and rates from such
widespread disruptions. There were a lot of moving parts and issues
which impacted the third quarter, some of which will flow into our
fourth quarter. We will address these when we announce our third
quarter results, and fourth quarter and year guidance, on Wednesday
afternoon, October 26, and in our conference call on Thursday
morning, October 27, 2005." 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/
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