Kirby Corp’s earnings tumble 32.9% in Q2

The tank barge operator’s President and CEO David Grzebinski said the company lowered its full year 2016 EPS guidance to a range of $2.40 to $2.70 to reflect a potential continuation of the deterioration in the inland marine market in July.    Kirby Corporation saw net earnings attributable to shareholders tumble 32.9 percent year-over-year in the second quarter of 2016 to $38.9 million, according to the company’s most recent financial statements.
   The Houston, Texas-based tank barge operator’s earnings per share (EPS) for the quarter totaled $0.72 per share, compared with $1.04 per share for the second quarter of 2015.
   Consolidated revenues fell 18.7 percent year-over-year to $441.6 million.
   The marine transportation segment posted an operating income of $72.7 million on revenues of $378.3 million, year-over-year declines of 25 percent and 11 percent, respectively.
   Meanwhile, the diesel engine services segment posted an operating loss of $2 million for the quarter compared to an operating income of $4.9 million for the second quarter of 2015. Revenues tumbled 46.4 percent year-over-year to $63.3 million.
   In regards to the diesel engine services segment, Kirby said, “The lower revenues and operating loss as compared to the second quarter of 2015 were primarily due to a lack of pressure pumping unit manufacturing and lower sales of engines, transmissions and parts in the land-based diesel engine services market.”
   Looking ahead, Kirby has lowered its full year EPS guidance to a range of $2.40 per share to $2.70 per share compared with the previous estimate of $2.80 per share to $3.20 per share, reflecting a potential continuation of the deteriorating in the inland marine market seen in July Kirby President and CEO David Grzebinski said.