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Kirby Corporation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Joe Pyne

Thank you, Stephen and good morning. Our second quarter earnings of $0.85 per share came in at the high end of our revised $0.80 to $0.85 per share guidance range. With respect to our Inland Tank Barge business it continued to perform well and operating results were above the 2011 second quarter results despite some temporarily lower petrochemical volumes from one major customer principally due to plant maintenance outages as well as low water levels on the Mississippi river which led to light loading tank barges since mid-May and throughout June.

Our legacy Diesel Engine Service Marine business operating results were also above the 2011 second quarter results principally due to improvements in the Gulf of Mexico oil service market. Demand for our coastal tank barge equipment was about as expected except for the New York Harbor market which was a little softer. Higher maintenance and repair related issues and lower revenues caused by delays, plants and shipyards addressing this maintenance negatively impacted the second quarter.

For our land-based diesel engine service market with the current low price of natural gas the incentive to drill for natural gas has been sharply curtailed. But the incentive to find crude oil remains positive. As a result orders for manufacturing frac spreads have been curtailed but demand for remanufacturing existing equipment has improved. I’ll come back at the end of our prepared remarks and talk about the third quarter and the full year outlook. I’m now going to turn the call over to Greg Binion who will discuss our Inland Tank Barge and Diesel Engine Service markets. And then to David who will discuss the Coastal Tank Barge market and give you our financial update.

Greg Binion

Thank you, Joe, and good morning to all. For the second quarter our Inland Marine Transportation sector continued its overall strong performance with high equipment utilization in the 90% and 95% range and higher term in spot contract pricing. In mid-May we started to experience low water conditions on the Mississippi river system and reduced operating drafts. Those conditions persist today.

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