Kirby Q4 net earnings down

Kirby, a US-based inland tank barge operator, has reported net earnings attributable to the company of $29.2 million, or $0.54 per share, for the fourth quarter of 2009, compared to $38.4 million, or $0.72 per share, for the fourth quarter of 2008.

Consolidated revenues for the fourth quarter of 2009 were $259.6 million, compared to $326.7 million reported for the corresponding period of 2008.

Net earnings attributable to the company for the full year 2009 were $125.9 million, or $2.34 per share, compared to $157.2 million, or $2.91 per share, for 2008.

Consolidated revenues for the full year 2009 were $1.08 billion, compared to $1.36 billion in 2008.

Joe Pyne, president and CEO of Kirby, said: “2009 has been a challenging year for Kirby with the current economic environment. A decline in volumes in all four marine transportation markets resulted in lower tank barge utilization levels industry wide that led to increased downward pressure on term contract and spot market pricing throughout 2009.”

A service of YellowBrix, Inc.

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