Kirby reports higher Q4 net earnings, provides outlook for Q1

Kirby Corporation, a company which transports petrochemicals, black oil products and refined petroleum products, has reported net earnings attributable to the company of $57.89 million, or $1.03 per diluted share, for the fourth quarter ended December 31, 2012, compared to $56.17 million, or $1 per diluted share, for the same quarter ended December 31, 2011. The company expects earnings to be in the range of $0.82 to $0.92 per share for the first quarter of 2013.

Revenues for the fourth quarter ended December 31, 2012 were $512.55 million, compared to $550.14 million for the same quarter ended December 31, 2011.

Net earnings attributable to the company for the year ended December 31, 2012 were $209.44 million, or $3.73 per diluted share, compared to $183.03 million, or $3.33 per diluted share, for the year ended December 31, 2011.

Revenues for the year ended December 31, 2012 were $2.11 billion, compared to $1.85 billion for the year ended December 31, 2011.

For 2013, the company expects earnings per share to be in the range of $4 to $4.2.

Joe Pyne, Kirby's chairman and CEO, commented, "Our fourth quarter results benefited from higher demand and favorable pricing in our coastal marine transportation markets, as well as a contribution from our two fourth quarter coastal acquisitions. We were also able to manage through the Mississippi River System's low water issues and Hurricane Sandy with only an estimated $.02 to $.03 per share negative impact."