Kirby Posts Higher Q3 Profit; Revises 2013 EPS View - Quick Facts

(RTTNews) - Kirby Corp.'s (KEX) third-quarter net earnings attributable to the company improved to $69.1 million, or $1.21 per share, from $53.1 million, or $0.95 per share, in the 2012 period. Consolidated revenues for the 2013 third quarter totaled $551.1 million, compared with $521.3 million reported a year ago.

On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.12, on $573.18 million revenues for the quarter. Analysts' estimates typically exclude one-time items.

Kirby's Chief Executive said, "For both our inland and coastal marine transportation markets, strong demand, high tank barge utilization levels and favorable pricing trends continued during the third quarter. However, our land-based diesel engine services business continues to be very challenging. The significant increase in pressure pumping horsepower during 2010, 2011 and early 2012, along with current low natural gas prices, resulted in a very weak market for our land-based diesel engine services sector. However, there are signs that this cycle has bottomed and we anticipate an improved market sometime in 2014."

Commenting on the 2013 fourth quarter and full-year outlook, the company said: "Our earnings guidance for the 2013 fourth quarter is $1.05 to $1.15 per share compared 2012 fourth quarter earnings of $1.03 per share that included a $.09 per share credit to the United contingent earnout liability. For the 2013 year, we raised and narrowed our guidance range to $4.37 to $4.47 per share compared with $3.73 for 2012." Earlier, the firm anticipated fiscal 2013 earnings in the range of $4.15 to $4.35 per share. Twelve analysts project earnings per share of $4.26 for 2013.