Kirby Corporation (NYSE:KEX) plans 2011 capital spending of $220 to $230 million, including approximately $100 million for the construction of 40 new inland tank barges and three new inland towboats, and approximately $36 million in progress payments on the construction of a new offshore integrated dry-bulk barge and tugboat unit with an estimated total cost of $50 million, MarineLog reports.
The spending plans were announced yesterday when Kirby reported first quarter ended March 31, 2011 earnings of $32.4 million, or $.60 per share, compared with $24.7 million, or $.46 per share, for the 2010 first quarter. The 2010 first quarter net earnings included a charge for retirements and shore staff reductions of $4.1 million before taxes, or $.05 per share. Kirby's published 2011 first quarter earnings guidance range was $.56 to $.61 per share. Consolidated revenues for the 2011 first quarter were $299.4 million compared with $268.3 million reported for the 2010 first quarter.
The spending plans were announced yesterday when Kirby reported first quarter ended March 31, 2011 earnings of $32.4 million, or $.60 per share, compared with $24.7 million, or $.46 per share, for the 2010 first quarter. The 2010 first quarter net earnings included a charge for retirements and shore staff reductions of $4.1 million before taxes, or $.05 per share. Kirby's published 2011 first quarter earnings guidance range was $.56 to $.61 per share. Consolidated revenues for the 2011 first quarter were $299.4 million compared with $268.3 million reported for the 2010 first quarter.