Kirby expects impact from hurricanes to lower Q3 EPS by 6c-8c
Kirby announced that Hurricanes Harvey and Irma caused little damage to Kirby vessels and minor flooding to one facility. CEO Grzebinski stated, "Harvey has significantly dislocated normal supply and distribution routes in our inland barge business. Ports from Corpus Christi to Houston started closing on August 23rd, and began reopening on September 1st. Irma has also significantly disrupted our offshore business. We expect lost revenues and costs associated with recovery efforts for both hurricanes to impact Q3 EPS by 6c-8c per share. For Harvey, the lost revenues have been partially offset by an increase in our vessel utilization as the U.S. Gulf Coast petrochemical and refinery complex returns to normal operations. As such, we believe Q3 earnings results will fall within our previously provided guidance range, although towards the low end after the negative impact from the storms." The company had seen Q3 EPS of 40c-55c, consensus is 48c.