Wednesday, marine transportation and diesel engine services provider Kirby Corp. (KEX) reported that its profit for the third-quarter declined as revenues dropped significantly from the previous year. The company also provided earnings guidance for the fourth quarter, while reducing its guidance for the full year.
Kirby posted third-quarter net earnings attributable to the company of $35.0 million or $0.65 per share, compared to $41.8 million or $0.77 per share in the prior year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.65 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $272.2 million, down from $354.6 million in the comparable quarter last year. Analysts expected the company to record revenues of $281.41 million for the quarter.
Joe Pyne, Kirby's President and Chief Executive Officer said, "Unfortunately, lower industry barge utilization has kept pressure on barging rates and our revenues and operating results remain below prior year levels. Our diesel engine services segment's marine and railroad service levels and direct parts sales were all under prior year levels due to weak transportation and offshore oil services markets, which encourage our customers to defer maintenance when they can."
Net earnings attributable to the company for the nine months were $96.7 million or $1.79 per share, compared with $118.8 million or $2.19 per share a year back. Revenues were $822.6 million, compared with $1.03 billion in the previous year period.
Looking ahead to the fourth quarter, the company expects earnings in the range of $0.57 - $0.62 per share. Analysts currently anticipate the company to earn $0.64 per share for the quarter.
For the fiscal year 2009, the company lowered its earnings guidance to a range of $2.37 to $2.42 per share from the prior guidance of $2.40 to $2.50 per share. Analysts currently anticipate the company to earn $2.44 per share for the full year.
KEX closed Wednesday's regular trading at $33.77 down $1.11 or 3.18% on a volume of 0.4457 million shares on the NYSE.
For comments and feedback: editorial@rttnews.com