Kirby Corporation reported 7.8% second-quarter revenue growth to $922.4 million, beating the Zacks Consensus Estimate of $863 million by 6.9%, but flat earnings of $1.67 per share missed estimates by 1.8%. Marine transportation revenues rose 9% to $537 million, yet operating income fell 11% to $87.8 million, with margins dropping to 16.4% from 20.1% due to higher fuel costs and planned shipyard activity. Management expects cost escalators and rate-recovery mechanisms to reverse the fuel-related margin headwind in the third quarter, and maintains full-year earnings growth guidance of 5%-15%, trending toward the upper end. Distribution and services revenues increased 6% to $385.4 million, with power generation revenues up 8% and operating income climbing 27%, providing a partial offset. The company's inland marine segment, representing 80% of marine transportation revenues, saw spot rates rise in the low-to-mid-single-digit range sequentially, and full-year inland operating margin is expected in the high-teens to low-20% range.
Kirby CorporationRevenue beat but earnings missed; marine margins fell due to fuel costs and shipyard activity, with expected recovery in Q3.
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