HOUSTON, June 15, 2011 /PRNewswire/ -- Kirby Corporation
("Kirby") (NYSE: KEX) announced today that it confirms and narrows
its 2011 second quarter earnings guidance to the $.72 to $.77 per share range compared with 2010
second quarter earnings of $.54 per
share. Kirby anticipates the Mississippi River System's high
water and flooding conditions will continue until late June or
early July and estimates the negative impact from the high water
and flooding on its 2011 second quarter's net earnings will be in
the $.07 to $.08 per share range.
On April 27, 2011, as part of
Kirby's first quarter earnings announcement, Kirby announced 2011
second quarter earnings guidance of $.67 to
$.77 per share, including an estimated $.02 to $.07 per share negative impact from the
high water and lock issues. On May 12,
2011 Kirby announced that the impact of the high water may
be greater than $.07 per share, but
was unable to quantify the impact until the situation more fully
evolved.
Joe Pyne, Kirby's Chairman and
Chief Executive Officer, commented, "Currently, the Ohio River is
back to normal levels while portions of the Illinois and Mississippi Rivers remain above
flood stage. Based on current conditions, we anticipate that
the high water and flooding conditions on the entire Mississippi
River System, including the Gulf Intracoastal Waterway in the
Morgan City area, will continue to
improve and by July most of the waterways should return to normal
levels."
Mr. Pyne continued, "Despite the negative impact from the record
high water and flooding conditions on our 2011 second quarter
earnings, we anticipate our results will still be in the range of
our original second quarter guidance. This is due in part to
continued strong equipment utilization in the Gulf Intracoastal
Waterway markets and some improvement in barge rates. Our
United Holdings acquisition also contributed to our better than
anticipated results. As we have previously stated, we
anticipate that U.S. petrochemical production for both domestic use
and exports will remain strong based in part on low U.S. natural
gas prices, a basic feedstock for petrochemical production.
U.S. refinery utilization is also anticipated to remain
stable, with continued exports of diesel fuel and heavy fuel
oil."
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 medium-speed and high-speed diesel engines
and reduction gears used in marine and power generation
applications, and distributes and services high-speed diesel
engines, transmissions, including hydraulic fracturing equipment,
for land-based pressure pumping and oilfield service markets.
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 number of acquisitions made by Kirby. Forward-looking
statements are based on currently available information and Kirby
assumes no obligation to update 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,
2010, filed with the Securities and Exchange Commission.
SOURCE Kirby Corporation