Kirby Corporation Comments on a Recent Public Announcement by a Major Customer
June 25 2008 - 9:00AM
PR Newswire (US)
Recent announcement by a major customer is anticipated to have
minimal impact on petrochemical volumes transported HOUSTON, June
25 /PRNewswire-FirstCall/ -- Kirby Corporation ("Kirby") (NYSE:KEX)
commented today on a recent public announcement by a major
petrochemical customer which plans to temporarily idle or reduce
production of some products it manufactures at locations in the
United States and Europe. Kirby anticipates a minimal impact on
petrochemical volumes transported for that customer. Kirby also
confirmed its 2008 second quarter earnings guidance of $.69 to $.74
per share, a 23% to 32% increase when compared with $.56 per share
earned in the 2007 second quarter, and confirmed its 2008 year
guidance of $2.74 to $2.89 per share, a 20% to 26% increase
compared with $2.29 per share earned in 2007. Joe Pyne, Kirby's
President and Chief Executive Officer commented, "Our marine
transportation and diesel engine services business levels remain
favorable. The recent flooding on the Mississippi River System
above St. Louis is anticipated to have a minimal impact on our
second quarter results." 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. 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 timing, magnitude
and the 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, 2007, 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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