Kirby Corp.

Hurricanes, Covid-19 impact Kirby’s earnings report

Inland tank barge giant Kirby Corp. reported weakened earnings for the third quarter of 2020 on Thursday, citing a dip in demand for services due to the Covid-19 pandemic, numerous devastating storms that disrupted operations in the Gulf, and a drop in activity in the oil patch.

The Houston-based barge line posted $27.4 million net earnings over the third quarter of 2019, a 43% drop compared to $48 million in the same quarter of 2019. Earnings per share were 46 cents during the quarter, compared...

https://www.workboat.com/news/coastal-inland-waterways/hurricanes-covid-19-impact-kirbys-earning-report/

Demand for Kirby’s inland tank barges sank in Q3

barge

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....

https://s29755.pcdn.co/news/demand-for-kirbys-inland-tank-barges-sank

Kirby implements coronavirus response plan

Photo by David Krapf

Kirby Corp., the nation’s largest inland and coastal tank barge line, has implemented an emergency plan to with deal the coronavirus crisis.

The Houston-based operator says its inland barge business is well-positioned financially to weather economic shocks caused by the pandemic.

Seeking to soothe concerns of investors, CEO and President David Grzebinski said during a webcast on Monday that “Kirby has extensive well-planned and detailed response plans for events such as waterway emergencies,...

https://www.workboat.com/news/coastal-inland-waterways/kirby-implements-coronavirus-response-plan/

Kirby to purchase Savage Inland Marine, announces quarterly results

Photo by David Krapf

Kirby Corp. announced today net earnings for the fourth quarter ended Dec. 31, 2019 of $2.8 million or five cents a share, compared with a net loss of $24.4 million or 41 cents a share for the 2018 fourth quarter. The Houston-based tank barge operator also announced that it has agreed to purchase the inland tank barge fleet of Savage Inland Marine for approximately $278 million.

Excluding one-time charges, 2019 fourth quarter net earnings were $34.5 million or 58 cents per share, compared with...

https://www.workboat.com/news/coastal-inland-waterways/kirby-to-purchase-savage-inland-marine-announces-quarterly-results/

Kirby reports strong third-quarter earnings

Photo by David Krapf

The end of record-breaking floods in August returned operations back to normal on the inland rivers and helped increase profitability at Kirby Corp., the nation’s largest tank barge operator, which posted strong third-quarter results.

In its third-quarter earnings release Friday, the Houston-based operator cited several factors for the positive financial report: favorable summer weather, receding floodwaters that produced fewer barging delays, cuts in its manufacturing workforce due to a...

https://www.workboat.com/news/coastal-inland-waterways/kirby-reports-strong-third-quarter-earnings/

Kirby acquires Cenac for $244 million

The 2,000-hp Quincey Cenac. Cenac Marine Services photo.

Kirby Corp. announced today that it will purchase the fleet of Cenac Marine Services LLC for approximately $244 million. The deal will be financed through additional borrowings and is expected to close late this quarter.

Cenac’s fleet consists of 63 30,000-bbl. inland tank barges with approximately 1.9 million bbls. of capacity, 34 inland towboats, and two 3,200-hp offshore tugs. The average age of Cenac’s barge fleet is four years, and the towboat/tug fleet averages six years. Of the 63 barges,...

https://www.workboat.com/news/coastal-inland-waterways/kirby-acquires-cenac-for-244-million/

Campbell Transportation names Buese executive VP operations

Kyle Buese is Campbell Transportation's new executive vice president operations. Campbell Transportation photo

Campbell Transportation Co., a fully integrated marine services company, has announced that Kyle Buese will be joining Campbell Transportation as executive vice president of operations effective Jan. 7, 2019. Buese is a graduate of Tulane University where he received his Master of Business Administration degree and a graduate of Loyola University of New Orleans where he received his Bachelor of Business Degree.  He is also an active CFA charterholder.

Buese has worked at Kirby Corp. since 2006...

https://www.workboat.com/news/coastal-inland-waterways/campbell-transportation-names-buese-executive-vp/