Kirby's 3Q profit jumps on high demand
NEWS: Kirby Corp. reported Monday that its fiscal third-quarter net income increased 30 percent on strong demand and higher prices.
DETAILS: The Houston-based barge operator said demand was high for both its inland and coastal marine transportation markets. However, the company said its land-based diesel engine services business continues to struggle because of low natural gas prices and other factors. The company says there are signs that this cycle has bottomed and it expects an improved market sometime in 2014.
NUMBERS: Kirby earned $69.1 million, or $1.21 per share, for the quarter that ended Sept. 30. That compares with $53.1 million, or 95 cents per share, for the same quarter last year. Its revenue increased nearly 6 percent to $551.1 million.
The most recent quarter included a gain of $7.9 million before taxes, or 8 cents per share, associated with its acquisition of United Holdings LLC in April 2011.
Analysts polled by FactSet were anticipating earnings of $1.12 per share on revenue of $574.3 million.
FUTURE: The company expects to earn between $1.05 and $1.15 per share for the fourth quarter. It also raised its full-year forecast to a range of $4.37 to $4.47 per share, compared with its prior forecast of $4.15 to $4.35 per share.
STOCK: Shares of Kirby slipped 46 cents to $90.04 by midday, in line with broader market trends.