Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Tax Rate Guidance for First, Second, Third and Fourth Quarter and Earnings Guidance for the Full Year of Fiscal 2017
February 01, 2017 at 05:51 pm EST
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Kirby Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, revenues were $435,650,000 against $484,138,000 a year ago. Operating income was $56,800,000 against $84,386,000 a year ago. Earnings before taxes on income were $52,370,000 against $80,115,000 a year ago. Net earnings attributable to Kirby were $32,355,000 against $50,688,000 a year ago. Net earnings per basic and diluted share attributable to Kirby common stockholders were $0.60 against $0.94 a year ago. EBITDA was $108,834,000 against $133,901,000 a year ago. Capital expenditures were $61,761,000 against $80,273,000 a year ago.
For the year, revenues were $1,770,673,000 against $2,147,532,000 a year ago. Operating income was $245,195,000 against $380,662,000 a year ago. Earnings before taxes on income were $227,746,000 against $361,712,000 a year ago. Net earnings attributable to Kirby were $141,406,000 against $226,684,000 a year ago. Net earnings per diluted share attributable to Kirby common stockholders were $2.62 against $4.11 a year ago. EBITDA was $444,955,000 against $571,404,000 a year ago. Capital expenditures were $231,066,000 against $345,475,000 a year ago.
The company's earnings guidance for the 2017 first quarter is $0.40 to $0.55 per share and full year 2017 guidance is $1.70 to $2.20 per share. Both first quarter and full year guidance ranges contemplate inland marine transportation utilization in the mid-80% to low 90% range and the full year effect of pricing declines experienced in 2016. The company expects 2017 capital spending to be in the $165 million to $185 million range. 2017 tax guidance is predicated on the book tax rates by quarter: In the first quarter, approximately 33%; the second and third quarters, approximately 40%; and the fourth quarter, approximately 38%. For the full year 2017, company does not expect any significant change in tax rate following legislative action on that front, with guidance based on a full year rate of 38%.
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, 2016; Provides Tax Rate Guidance for First, Second, Third and Fourth Quarter and Earnings Guidance for the Full Year of Fiscal 2017