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%.