This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: KEX

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.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,939.99 +135.19 0.76%
S&P 500 2,075.88 +5.23 0.25%
NASDAQ 4,777.4720 +12.0920 0.25%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs