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TheStreet Open House

Kirby's CEO Discusses Acquisition Of Allied Transportation Conference Call (Transcript)

For 2013, we expect the purchase to be accretive $0.06 to $0.08 to our earnings per share. In addition, we believe that over time, we can achieve additional synergies that will allow Allied to be even more accretive to our bottom line.

I’d like to use this opportunity also to talk about another small acquisition, which is that Kirby has acquired 17 inland tank barges from Lyondell Chemical Company earlier this month. 17 barges consist of eight owned and nine charted or leased barges. Because we were already managing the fleet of barges and telling them the transaction is not expected to have a material impact on our earnings.

I also want to comment on the effect of the recent hurricane and the low water conditions on the Mississippi River System. As you are aware, we have been operating with low water conditions on the Mississippi starting with some issues on the Ohio River since mid-May and extending to the upper Mississippi River as well as the main stem lower Mississippi river during this quarter.

As a result of low water levels, during the third quarter, we have been loading our tank barges for upriver destinations to nine foot droughts versus what we typically load in the summer, which is somewhere between 9.5 feet and 10 feet. Water levels along the Gulf Intracoastal Waterway have remained at normal levels and have not been impacted by the low water levels on the Mississippi River System.

In spite of challenging conditions, we continue to safely move products throughout the Mississippi River System in addition to light loading of our tank barges, transit times have been extended to a number of industry groundings occasionally closer to the sections of the river for short periods of time and for dredging operations throughout the system.

Read the rest of this transcript for free on seekingalpha.com

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