Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year 2016
January 28, 2016 at 03:30 am IST
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Kirby Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's revenues were $484,138,000 against $668,297,000 a year ago. Operating income was $84,386,000 against $113,807,000 a year ago. Earnings before taxes on income were $80,115,000 against $108,783,000 a year ago. Net earnings were $51,072,000 against $68,473,000 a year ago. Net earnings attributable to the company were $50,688,000 against $68,051,000 a year ago. Diluted net earnings per share attributable to company's common stockholders were $0.94 against $1.19 a year ago. EBITDA was $133,901,000 against $157,946,000 a year ago. Capital expenditures were $78,067,000 against $121,046,000 a year ago.
For the year, the company's revenues were $2,147,532,000 against $2,566,318,000 a year ago. Operating income was $380,662,000 against $475,812,000 a year ago. Earnings before taxes on income were $361,712,000 against $454,390,000 a year ago. Net earnings were $227,970,000 against $284,608,000 a year ago. Net earnings attributable to the company were $226,684,000 against $282,006,000 a year ago. Diluted net earnings per share attributable to the company's common stockholders were $4.11 against $4.93 a year ago. EBITDA was $571,404,000 against $642,561,000 a year ago. Capital expenditures were $343,269,000 against $355,144,000 a year ago. Capital expenditure was the result of progress payments on new coastal units that the company incurred in December 2015.
For the first quarter of 2016, the company expects earnings guidance range is $0.75 to $0.85 per share.
For the year 2016, the company expects earnings guidance range is $3.00 to $3.50 per share. The company expects 2016 capital spending to be in the $220 to $240 million range, which includes approximately $1 million to complete the construction of three inland tank barges and one inland towboat to be delivered in 2016. The capital spending guidance range also includes approximately $95 million in progress payments on new coastal equipment, including one 185,000 barrel coastal ATB, two 155,000 barrel coastal ATBs, two 4,900 horsepower coastal tugboats and a new coastal petrochemical tank barge. The balance of $124 to $144 million is primarily for capital upgrades and improvements to existing inland and coastal marine equipment and facilities, as well as diesel engine services facilities.
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, 2015; Provides Earnings Guidance for the First Quarter and Full Year 2016