Kirby Corp. (KEX) reported Thursday that net earnings attributable to Kirby for the fourth quarter surged to $61.91 million or $1.04 per share from $37.31 million or $0.62 per share in the prior-year quarter.
Total revenues for the quarter grew to $799.18 million from $730.17 million in the same quarter last year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share on revenues of $778.24 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company said it anticipates its businesses to deliver 30 to 40 percent earnings growth in 2024. It also expects operating margins to gradually improve during the year with the first quarter being the lowest and averaging around 20 percent for the full year.
The company also announced the retirement of Joseph Pyne, Kirby's Chairman of the Board, who will not stand for reelection upon the expiration of his current term. Pyne has served as Chairman of Kirby since April 2010 and has been a board member for 35 years.
Succeeding Pyne is Richard Alario, who has been elected as Chairman of the Board, effective April 26, 2024. Alario has been a board member since 2011.
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