Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Impairments for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018
January 31, 2018 at 05:45 pm EST
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Kirby Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's revenues were $708,111,000 against $435,650,000 a year ago. Operating loss was $52,167,000 against operating income of $56,800,000 a year ago. Loss before taxes on income was $58,860,000 against earnings of $52,370,000 a year ago. Net earnings attributable to the company were $231,319,000 or $3.87 per diluted share against $32,355,000 or $0.60 per diluted share a year ago. EBITDA was $109,048,000 against $108,834,000 a year ago. Capital expenditures were $43,785,000 against $61,761,000 a year ago.
For the year, the company's revenues were $2,214,418,000 against $1,770,673,000 a year ago. Operating income was $94,247,000 against $245,195,000 a year ago. Earnings before taxes on income were $73,014,000 against $227,746,000 a year ago. Net earnings attributable to the company were $313,187,000 or $5.62 per basic and diluted share against $141,406,000 or $2.62 per diluted share a year ago. EBITDA was $402,363,000 against $444,955,000 a year ago. Capital expenditures were $177,222,000 against $231,066,000 a year ago.
For the quarter, the company reported impairment of long-lived assets of $105,712,000.
For the first quarter of 2018, the company's earnings guidance is $0.45 to $0.65 per share compared with $0.51 per share for the 2017 first quarter. This includes a $0.05 to $0.10 per share temporary negative impact to distribution and services segment related to the adoption of a new revenue recognition accounting standard which limits percentage of completion revenue accruals. This new standard will result in revenue accrual timing delays on certain new pressure pumping unit orders until the second quarter
For the full year 2018, the company's earnings guidance is $2.50 to $3.00 per share. The new revenue recognition standard is not expected to materially impact the full year earnings results. These guidance ranges include the benefit of a lower effective tax rate of $0.08 to $0.12 per share for the first quarter and $0.40 to $0.50 per share for the full year. Capital spending to be in the $195 to $215 million range. Capital spending guidance includes approximately $75 million in progress payments on new marine vessels including six 5,000 horsepower coastal tugboats, and fifteen inland towboats of varying horsepower to be delivered over a period of three years.
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.
Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Impairments for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018