Kirby reports lower earnings
Tank barge specialist Kirby Corp. said it had third quarter net profit of $35 million 16 percent less than the $41.8 million earned in the same 2008 period.
Consolidated revenue for the quarter ending Sept. 30 was $272.2 million compared with $354.6 million reported for the 2008 third quarter.
“While demand remained below prior year levels, we continued to see some improvement in Midwest petrochemical demand, driven by inventory rebuilding, and stable demand in the majority of our other markets,' said Joe Pyne, Kirby’s president and chief executive officer. 'Unfortunately, lower industry barge utilization has kept pressure on barging rates and our revenues and operating results remain below prior year levels.”
He said the company’s “diesel engine services segment’s marine and railroad service levels and direct parts sales were all under prior year levels due to weak transportation and offshore oil services markets, which encourage our customers to defer maintenance when they can.”
Kirby reports lower earnings
