Revenue for the 2011 fourth quarter was a record $550.1 million, compared with $286.3 million reported for the same 2010 quarter.
For the full-year 2011 the tank barge operator said it had a profit of $183 million, compared to $116.2 million in 2010. Revenue was $1.8 billion in 2011, compared to $1.1 billlion in 2010.
Joe Pyne, chief executive officer, said “our record fourth quarter results were a reflection of continued favorable United States petrochemical production levels and a continued strong export market, all leading to high inland tank barge utilization levels and favorable term and spot contract pricing.”
He said K-Sea, a coastwise transportation company acquired on July 1, 2011, had its results impacted by a seasonal decline in refined products demand, winter weather operating conditions and a severance charge.
