Kirby announces Q4 and 2018 results and signs agreement to purchase marine transportation fleet of Cenac Marine Services

Kirby Corporation (“Kirby”) (NYSE: KEX) on January 31st announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter.  Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share.  Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.

For the 2018 full year, Kirby reported net earnings attributable to Kirby of $78.5 million or $1.31 per share, compared with $313.2 million, or $5.62 per share for 2017.  Excluding certain one-time charges, 2018 net earnings attributable to Kirby were $171.4 million, or $2.86 per share.  Consolidated revenues for 2018 were $2.97 billion compared with $2.21 billion for 2017.

Kirby also announced the signing of a definitive agreement to acquire the marine transportation fleet of Cenac Marine Services, L.L.C. (“Cenac”) for approximately $244 million in cash, subject to certain closing adjustments.  The purchase will be financed through additional borrowings.  Cenac’s fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats.  Cenac moves petrochemicals, refined products, and black oil, including crude oil, residual fuels, feedstocks and lubricants on the lower Mississippi River, its tributaries, and Gulf Intracoastal Waterway for major oil companies and refineries.  The closing of the acquisition is expected to occur late in the first quarter of 2019 and is subject to customary closing conditions, including regulatory approvals under the Hart-Scott-Rodino Act.