Kirby earnings drop
Liquid bulk barge company Kirby Corp. said it had fourth quarter net profit of $29.2 million compared to $38.4 million in the same 2009 period.
Consolidated fourth quarter revenue was $259.6 million compared with $326.7 million reported for the 2008 fourth quarter.
“2009 has been a challenging year for Kirby with the current economic environment. A decline in volumes in all four marine transportation markets resulted in lower tank barge utilization levels industry wide that led to increased downward pressure on term contract and spot market pricing throughout 2009,” said Joe Pyne, Kirby’s president and chief executive officer. “Our diesel engine services segment’s marine and railroad service levels and direct parts sales have also remained well below 2008 levels due to weak marine transportation, offshore oil services and railroad markets, which resulted in deferrals of maintenance on customers’ idled equipment.”
Kirby earnings drop
