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KIRBY CORPORATION
CONTACT: STEVE HOLCOMB
713-435-1135
FOR IMMEDIATE RELEASE
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KIRBY CORPORATION 2005 FIRST QUARTER NET EARNINGS
TO EXCEED $.50 PER SHARE
- 2005 FIRST QUARTER EARNINGS TO TOP $.50 PER SHARE, ABOVE PREVIOUS
GUIDANCE OF $.42 TO $.48 PER SHARE, AND COMPARES WITH $.36 PER
SHARE FOR THE 2004 FIRST QUARTER
- RESULTS POSITIVELY IMPACTED BY STRONG BUSINESS LEVELS IN BOTH THE
MARINE TRANSPORTATION AND DIESEL ENGINE SERVICES MARKETS, FAVORABLE
OPERATING CONDITIONS IN MARCH AND CONTRACT RATE INCREASES
- KIRBY TO ANNOUNCE 2005 FIRST QUARTER RESULTS ON WEDNESDAY, APRIL 27,
2005, WITH CONFERENCE CALL ON THURSDAY, APRIL 28, 2005
HOUSTON, TEXAS (APRIL 14, 2005) - Kirby Corporation ("Kirby") announced today
that it expects its 2005 first quarter net earnings to exceed $.50 per share,
above earnings guidance of $.42 to $.48 per share, and substantially above 2004
first quarter earnings of $.36 per share. Kirby will address the 2005 second
quarter and year guidance when it announces its first quarter results on April
27, followed by its conference call on April 28, 2005.
Joe Pyne, Kirby's President and Chief Executive Officer, commented, "During
January and February 2005, Kirby's strong petrochemical and black oil
transportation markets were negatively impacted by poor navigational conditions,
resulting in longer transit times and delays, and creating pent-up demand for
movements. During March, navigational conditions improved significantly,
allowing for better asset utilization, principally faster barge turnarounds and
more efficient use of horsepower, in meeting delayed and current transportation
requirements. Historically, first quarter navigational conditions do not begin
to improve until late March or early April. Contract rate increases in the 2004
fourth quarter and 2005 first quarter, coupled with the January 1, 2005
escalators for labor and the producer price index on contracts over a year in
duration, also positively impacted the first quarter. The diesel engine service
segment was favorably affected by improved service work across the majority of
its markets during the 2005 first quarter. We will be able to discuss in more
detail the 2005 first quarter results and outlook for the second quarter and
full year when we announce our results on April 27th, followed by our conference
call on April 28th."
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Kirby Corporation, based in Houston, Texas, operates inland tank barges and
towing vessels, transporting petrochemicals, black oil products, refined
petroleum products and agricultural chemicals throughout the United States
inland waterway system. Through the diesel engine services segment, Kirby
provides after-market service for large medium-speed and high-speed diesel
engines and reduction gears used in marine, power generation and railroad
applications.
Statements contained in this press release with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve
risks and uncertainties. Actual results could differ materially from those
anticipated as a result of various factors, including cyclical or other
downturns in demand, significant pricing competition, unanticipated additions to
industry capacity, changes in the Jones Act or in U.S. maritime policy and
practice, fuel costs, interest rates, weather conditions, and timing, magnitude
and the number of acquisitions made by Kirby. A list of additional risk factors
can be found in Kirby's annual report on Form 10-K for the year ended December
31, 2004, filed with the Securities and Exchange Commission.
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