Kirby reports Q3 GAAP EPS 70c, consensus 64c
Reports Q3 revenue $704.8M, consensus $759.19M. CEO David Grzebinski says: "Overall, I am pleased with Kirby's third quarter results and the continued improvement in our marine transportation businesses. In inland marine transportation, increasing volumes from petrochemical and black oil customers, lock closures, and refinery turnarounds all contributed to increased utilization for our tank barge fleet during the quarter. These tight market conditions prompted sequential increases in spot market rates in the mid-single digits, and term contracts continued to move higher. Overall, higher demand, pricing improvements, and lower operating and maintenance costs helped to improve inland operating margins into the mid-to high teens during the quarter."