Kirby Q3 Net Loss Narrows, Revenue Down On Lower Volume

(RTTNews) - Kirby Corp. (KEX) Thursday reported a narrower net loss for the first quarter on lower revenues. The barge operator noted that the results were impacted by continuing effects of the COVID-19 pandemic, particularly in marine transportation.

For the first quarter, the company reported net loss attributable to the company of $3.375 million or $0.06 per share, compared to $347.24 million or $5.80 per share in the previous year. Excluding one-time items in the 2020 first quarter, net earnings attributable to Kirby were $35.3 million or $0.59 per share.

On average, 7 analysts polled by Thomson Reuters expected the company to report $0.12 per share. Analysts estimates usually exclude special items.

Revenues for the first quarter declined to $496.9 million from $643.9 million a year ago. Wall Street were looking for $476.02 million.

The company noted that the quarter was impacted by Winter Storm Uri which resulted in prolonged shutdowns at many of its marine transportation customers' operations that resulted in a significant decline in liquids production and volumes.