Kirby Corporation Reports Earnings Results for the Third Quarter Ended September 30, 2020
October 29, 2020 at 08:17 am EDT
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Kirby Corporation announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced total revenue was USD 496.567 million compared to USD 666.809 million a year ago. Operating income was USD 29.911 million compared to USD 77.901 million a year ago. Net income was USD 27.489 million compared to USD 47.987 million a year ago. Basic earnings per share was USD 0.46 compared to USD 0.8 a year ago. For the nine months, total revenue was USD 1,681.652 million compared to USD 2,182.472 million a year ago. Operating loss was USD 445.533 million compared to operating Income of USD 225.850 million a year ago. Net loss was USD 294.750 million compared to net income of USD 139.570 million a year ago. Basic loss per share was USD 4.92 compared to basic earnings per share of USD 2.33 a year ago. Diluted loss per share was USD 4.92 compared to diluted earnings per share of USD 2.32 a year ago.
Kirby Corporation is a domestic tank barge operator. The Company transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (KMT), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. It also participates in the transportation of dry-bulk commodities in the United States coastwise trade. Through its distribution and services segment (KDS), it sells after-market service and genuine replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. It also rents a variety of power generation and industrial equipment, manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment for oilfield service customers.