HOUSTON, Sept. 19, 2011 /PRNewswire/ -- Kirby Corporation
("Kirby") (NYSE: KEX) announced today that it expects its 2011
third quarter net earnings to exceed $.90 per share, above the top end of Kirby's
earnings guidance of $.82 to $.87 per
share, and substantially above 2010 third quarter earnings of
$.57 per share. Kirby will
address the 2011 fourth quarter and year guidance when it announces
its third quarter results at 5:00 p.m.
central time on Wednesday, October
26, followed by its conference call at 10:00 a.m. central time on Thursday, October 27, 2011.
Joe Pyne, Kirby's Chairman and
Chief Executive Officer, commented, "Increased petrochemical
production encouraged by low natural gas prices has led to strong
utilization levels in Kirby's petrochemical fleet. Stable
refinery production levels with the exportation of heavy fuel oils
continue to support Kirby's black oil products fleet. New
demand for the transportation of crude oil from shale formations in
South Texas is in place, and crude
oil from the Midwest to the Gulf Coast continues. The high
utilization rates in our inland fleet have led to higher term and
spot contract pricing. Earnings from our newly acquired K-Sea
Transportation remains in line with previous projections with
accretive earnings being offset by acquisition transaction fees and
expenses, increased interest expense and higher common shares
outstanding associated with the acquisition."
Mr. Pyne further commented, "Our diesel engine services
land-based market remains strong with the sale and service of
hydraulic fracturing equipment used in recovering oil and gas
reserves from United States shale
formations, and from the sale of diesel engines and transmissions.
In addition, our medium-speed and high-speed marine markets,
including the Gulf Coast oil services market, are slowly showing
some signs of improvement."
Kirby Corporation, based in Houston,
Texas, is the nation's largest domestic tank barge operator,
transporting bulk liquid products throughout the Mississippi River
System, the Gulf Intracoastal Waterway and coastwise along all
three United States coasts,
Alaska and Hawaii. Kirby transports petrochemicals,
black oil products, refined petroleum products and agricultural
chemicals by tank barge. 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. Kirby also distributes and
services high-speed diesel engines and transmissions, pumps and
compression products, and manufacturers oil field service
equipment, 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 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,
2010 and quarterly report on Form 10-Q for the period ended
June 30, 2011 filed with the
Securities and Exchange Commission.
SOURCE Kirby Corporation