Kirby Corp. (KEX), Wednesday announced first quarter financial results, posting a decline in earnings from the corresponding quarter a year ago, hurt by a decline in revenues as well as one-time charges.
Liberty Lake, Washington-based Kirby's first-quarter net income decreased to $28.0 million or $.52 per share from $36.6 million or $.68 per share in the same quarter a year ago.
On average, 12 analysts polled by Thomson Reuters expected first-quarter earnings of $0.52 per share. Analysts' estimates typically exclude special items such as one time charges or gains.
Operating income for the first quarter decreased to $48.640 million from $63.434 million in the same quarter a year ago, due to a decline in transportation volumes across all segments.
The company initiated specific steps to reduce overhead and lower expenditures, including a 6% reduction in shore staffs of the marine transportation and diesel engine services segments and noted a charge of $4.0 million before taxes, $2.6 million for marine transportation and $1.4 million for diesel engine services, or $.05 per share in the first quarter.
Consolidated revenues for the quarter, however, declined to $277.7 million, from $330.6 million in first quarter of last year. The Street expected revenues of $300.51 million. The decline in revenues was due to a decrease in transportation volumes across all segments that resulted from the deteriorating economic conditions.
Marine transportation revenues for first quarter decreased 16% from the same quarter a year ago, while revenues from the Diesel engine services segment decreased 15% from the comparable quarter last year.
Looking forward to the second quarter, the company expects earnings in the range of $0.52 to $0.62 per share. Street analysts expect earnings of $0.63 per share.
For the fiscal year 2009, the company lowered its earnings guidance to a range of $2.40 per share to $2.55 per share from the previous forecast ranging from $2.40 per share $2.65 per share. Wall Street analysts expect earnings of $2.50 per share for the fiscal year.
Commenting on the results, Joe Pyne, President and Chief Executive Officer, Kirby said "The current economic recession and its impact on both our marine transportation and diesel engine services businesses ended our current string of 20 consecutive quarters with year over year net earnings increases. Our diesel engine services segment saw service levels and direct parts sales further weaken in the first quarter in the Gulf Coast oil service, inland marine and railroad markets, as customers deferred maintenance."
KEX closed Wednesday's trading at $30.50, up $0.90 or 3.04% on a volume of 887k shares on the NYSE.
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