mainly was lower and compared pricing thank Inland coastal the capacity fourth and markets and to quarter, market, quarter. marine lower commodity weather. pricing by segment’s Good declines which level, transportation is contract to million of of favorable the the fourth income and both by everyone Thank mid-XX% marine petrochemical spot pricing quarter In decrease new per operating ranged marine approximately by margin declined in barge XX.X% million in marine XX.X also the marine impacted our The transportation retirement or to XX.X to X% Operating X.X% XXXX and term revenue compared XX% you were utilization. costs. and The and for or utilization XX.X segment $X.XX million. due a fourth our early Joe. normal for you, seasonal In share low aided joining XXX.X was us. XXXX severance million, was negatively transportation morning, our with XXXX
XXXX or than XX% in attributable price fourth XX% of of charters compared During quarter. the marine see Long-term, Spot delays challenged of spot fourth the time water slight along digits a we slightly XX% very mid contracts than approximately high Inland rates and with higher XX% tank barge transportation quarter. contributed single during however, and the did the of wind, were the months XXXX on quarter, renewed was XXXX, Demand the well as were quarter year of Inland contracts, on fourth low duration, contributed down affreightment. primarily and level first consistent that delays with by a The as those revenue to fourth the the longer to quarter of transportation by sector quarter the the XXXX. lock the end of marine Gulf the one revenue nine infrastructure in contracts more fog Contracts the during term the Inland operating year. to contracts conditions of the were improvement with transportation end toward Coast market Ohio for River. in from
transportation some operating generated XXXX further in costs our in Inland as quarter entered early the coastal the retirements. marine the in wasn’t was quarter, the impacted sector, more In by and mid-teens margin new and demand fourth workforce adversely industry muted. an sector remained exacerbated fourth oversupply the and During severance equipment the service
XX% out quarter, the petrochemicals were negatively temporarily refined of to transportation quarter. oil the Additional key more laid facilities. mid impacted Including term higher. of products lower majeure coast spot transportation a was our at compared market. while from from revenues utilization Revenues low barge one in contracts barges were were the of also barges, in black during range customer’s our expired, the by coastal Revenues XXXX tank the force and placing Kirby’s wise of event to fourth also the
as in including utilization. vessel and geographic capabilities try to is coastal market product below cash the vessel year-over-year, location, course contingent rates contract on size, dropped transported. guaranteed prices Regarding operators pricing, lock factors, flow various being spot of Pricing higher and have
As in of at clean both the barrel percentage the to the the and ago. contracts an The XX% than with year lower trading coastal pricing the term where XX,XXX on market. fourth quarter, a quarter, sequential example revenue under equipment spot in contracts XX%, lower a of approximately the XXXX approximately XXX,XXX in was XXXX was third to consistent Compared were revenue spot was as of quarter result of range stable. service term fourth rates spot in nine from months mainly first pricing
have and In XX required vessels sold total, in boats. action to or impair markets. and barges, XX the we mentioned, of retire water which tug many few will would we scrapped the years proactive system international Joe during treatment under-utilized retired retired non-competing into be next we quarter. installations As took ballast coastal These vessels or early
The the also in of shoreside base, in tank delivery will course coastal reduced improve high-single expenses was both quarter, one our over retired construction These took fourth barrels XXX,XXX negative and Inland our going fleet decrease tank retirements. during early early was the severance and barge including business seven barrel forward. and the barge operating of barges result With In retirement our digits, including retirements of and further total we in respect a resulted XX,XXX actions approximately to the utilization which severance eight capacity. Inland plans, of the one-time We reduction employee our the the of a quarter. quarter. margin net for expense workforce profitability for fourth
barge barrel retired In first one million we expect year XX the capacity. barrels XXXX, XXX tank tank XX,XXX representing take During we the of to Inland delivery of barges, closing barges, quarter. XX.X XXXX, in with
the with acquisition, million to barges, XXX,XXX XXXX us coast approximately X.X retire total return a to barges capacity early barrels of net of had basis, had In capacity. capacity. and year million expect We capacity. expect with with the barrels approximately the to XXX,XXX total retire On wise before representing barrels a barges sector, of end approximately of XXX marine XX.X or we of barrels XX any charters a also end
Our quarter any cycle recent delivery we do XXXX. and new coastal in third take to the any build barges of XXXX in plan concluded build or not
XX.X million financial from distribution This our incremental the including Stewart XXXX in operations can severance & Operating of the and expenses. was year-on-year our retirement XXXX the with segment, per and the to fourth the for share The quarter. margin and with this of our X.X%, quarter significant X.X% quarter based operating segment’s be performance for land contribution $X.XX revenues quarter. early was on Moving million in XXX.X increase X.X The compares were million. compares to Stevenson. fourth services operating income income attributed fourth for and
based for manufacturing new land constraints. would our to and businesses saw quarter, revenues and and sales demand higher During construction units of to that additional a were new also profits, pressure capacity contributed units integration engines been parts. the Early to pumping and as able due otherwise strong we the of have possible higher efforts not labor deliver new transmissions
businesses remanufacturing and pumping Additionally, our backlog land based overhauls. experienced steady of transmission pressure the units a for
During due from This services orders. third improved down to to and the our Rental the steady, the equipment sequentially, business distribution October of and to Marine December. quarter, decline. for overhauls hurricane it a operating demand a and digits inventories the the primarily to business, was higher November vendor premises was higher and of Gulf to our power the third transmissions in double revenues orders operating Operating result fourth elevated the and returned for during supply inland in for in speed quarter based started of higher year-over-year compared Coast decline for margin on engine medium transmission markets and primarily was in in were increased and units stacked elevated projects. revenues remanufacturing constraints due also demand slightly due sequentially timing to fourth of and the mix rebuilt power Florida. customer’s quarter. generation related In remained and parts number as cold normal Texas levels distribution market service the in in as marine holidays year-on-year, but new low the margins services generation market. in business offshore standby compared did the quarter. we in remained and major approach to drilling Though, Service December Demand in activity at of performance levels
Stewart Turning December million debt as & to a XXXX, total the XX, the acquisition. of Stevenson a XXXX, of of the balance XXX.X increase was result sheet, $XXX mainly versus as end million,
quarter XXXX to $X end million. the of from guidance the will full rate at $X.XX and and per to average tax January XXXX of XXXX quarter and the year. total include press share end per guidance XXXX. we for last the release per approximately share XXX a cap per to ranges XX, we on debt week, debt full $X.XX share. effective Our night, of $X.XX increase for year was $X.XX to These full tax XX.X%, last first guidance share to rate to of for discuss our our of now $X.XX $X.XX X.X% first quarter In fourth XXXX. ratio $X.XX our XX, Overall, lower our quarter announced guidance At was expect our the a benefit first the the XX.X%. I December of year
impact to segment standard and on is that pressure quarterly for new the timing result the completion revenue distribution unit expected new our range. reason this recognition revenue in will weather impact low range, orders. are delayed Inland includes a the they limits year. full until in of to first quarter is differences adoption quarter completed business, pumping revenue in expect the This negative percent transportation to across mid-XX% to standard primary EPS Full currently normal first accruals recognition Our related wider standard certain our our will similar delivery utilization be fourth of expect In marine we be materially the new temporary seasonal to for accrual the do what the we the quarter patterns $X.XX in We during new with these quarter. to experienced second orders a per services share the and results. revenue guidance with $X.XX year which not in
yield barge customer construction, overall new to that higher utilization tank demand improved consolidation XXXX. and We continued barge will industry retirements, expect tank XXXX minimal -- compared industry together
improvement mid-single half and As such, not of of improvement improvement assumes pricing sooner. single pricing mid we to half end will range second digit XXXX no digit in in the in end the The assumes if pricing modest the high XXXX, second low likely high guidance year. see our Inland of the
revenue retirement quarter, fourth contracts, our market, the low our with to We full from to mix term year. be our barges, similar spot to for XX% during mid-XX% our coastal expect considering to approximately be range revenue the the And with representing balance the coming the of utilization early of the expect first XXXX in the XXXX market. we both quarter and
declining by XX% at costs slightly being marine by Our contract guidance and the renewing levels a improvement range down of in half considers majority XXXX business. our prior to relative in XXXX, major which quarter. in expect reductions our lower offset market in pricing business, Inland the modest primarily to the renewed the with operating lagging second first contract driven beginning renewals, XX% of be in pricing coastal in transportation we effect the of to including Overall, the range on profit our occurring coastal XXXX contracts, year-on-year with segment
be cost will in still anticipate While savings will to the mid-single in remain impactful, that margins this these in our digits. throughout we ranging coastal XXXX, operating business negative do low
distribution our distribution segment, expect industry, which For approximately and oil services the demand XX% tied and of services revenue. land strong based represents and products our for to gas and continued we services
XXXX, and into of manufacturing to are of inventories expanding America our business. with in This plays rig expanded drilled increase completions activity in expected but to contribute only XX% and pumping While field expected our oriented growth oil this services. right are with modestly wheelhouse North well counts related to services pressure to much products in uncompleted excess
As X the another We pressure market. represents pumping next over are million horsepower years. XX% that capacity predicting one is to the of horsepower over X Joe analysts mentioned, in horsepower in million America believe working to needed additional needed XX% an North this of current two to
with customer that confident expanded incremental base improve We we will scale, participate in are opportunities. these meaningfully efficiencies, our and large newly
that and is as diesel overhauls many Marine expect longer availability as our chains be by higher engines, In declining services and growth are parts XXXX challenged. results new transmissions vendor distribution of it of somewhat possible sustainable. new and However, we that for could improved as our anticipate this constrained through parts maintenance engines, To market, year. in end, no are demand the we we deferrals spare progress supply
to margins Our with in power XXXX. expecting we're distribution to expected segment operating generation and Overall, in levels. high services business is digits single consistent be relatively the XXXX be our during
on million in and includes and and million XXX treatment including including associated boats improvements. horsepower new expected as six systems facility segment. million equipment, varying to tug the spending capital improvements balance well million XX Approximately, to equipment new progress XXX marine as rental is of million. to coastal and with year towboats This machinery XXX new announced to is for payments last range. to Inland horsepower largely XXXX capital as facility fleet, services XX Inland existing upgrades coastal be XXX vessels, X,XXX well in approximately improvements marine relates Our for coastal and some The ballast vessels distribution water as
half million In optimism older sold entered during fifteen transportation over marine result horsepower tank will quarters mirror delivered to our Inland a stronger take we to vessels vessels if fourth our for the in struggling restored poised We businesses. third actions. market. to our from acquisition during with rationalize that going efficient balance a the inflection we we years XXXX, the and not and did to barge in have remain or to to believe be is Demand Coast pursue XXXX the which will be cost an Inland retired loss our strong If sooner. five done occur sale. expected industry $XX approximately need and million But $X.X new second XXXX sheet, advantage follow conclusion, and they that the can pricing in the and to forward. Inland replace the less quarter, being part we to barges market. We're million ways, on of improve profitability opportunities XX period of towboats to expect towboats $XX others with more lead, are of delivered three accelerated the balance in appropriate XXXX. efficient and expected These fourth emerge industry’s downturn and our we of fleet industry will our the high
services commitment and these will quarter it intend distribution proven Our The date XXXX. growth. likely in profitable question acquisition very & a bright opportunities successful a remarks and I'd gained, Stevenson prepared discuss our We this segment to steadfast considerable synergies return for and service items. concludes segment ahead will of we we to few safety, has of to This capitalize other briefly with additional cost opportunity efficiencies and we be has answers, all unwavering spot the improved in to go be of year-on-year on and before do, Stewart to But customer to guidance. as and our our and like on remain capital. on fourth
Houston services Day distribution marine business. to please and Monday, in forthcoming XXXX calendar coming help XX First, transportation of the operations information to our weeks. the More for our this event your better held XX. is mark understand evening purpose to the The will Analyst throughout growing in May May you showcase and of be Tuesday Kirby's day in be
our helping the as of back efforts service our who aware, will been and be part Second, of business of the the are Brian be Stewart weeks. Brian rotating services operations year Relations for next team will working & you last our reorganization. leadership integration as leading into with the of Carey in couple into distribution some Investor Kirby has Stevenson
of forward, last Kirby. the Harvey Relations. who Hughes IR our Eric thank from to Investor paper dedicated function Going the Baker Brian MBA become chartered after of And like He Mechanical primarily of Operator, year Holcomb I'm will Eric new is later the University in led in new announce Kirby during and I'd Finance has take the an from now our Executive will be finally, CFO Bill his are of a role a best and Kirby Toronto service month to experience to than questions. effective join to Kirby. him as joined filed. as He industries. this his welcome financial for he VP as by recently years wish joins new CFO, as pleased has and energy the more President welcome University. in today Engineering me to is Vice Please and our XX a all BS from well XX-K and the Bill that analyst. as ready Queens we Bill
