Demand for Kirby’s inland tank barges sank in Q3


Kirby Corporation (NYSE: KEX), the leading player in the U.S. inland tank-barge sector, posted better-than-expected Q3 2020 results on Thursday due to cost cuts and a tax gain, but its marine-sector metrics came in worse than feared.

The company reported net income of $27.5 million for Q3 2020 compared to $48 million in Q3 2019. Earnings per share of 46 cents exceeded analyst expectations for 36 cents.

Marine transportation revenues totaled $320.6 million, down 22% from the same period last year....

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