Kirby (KEX) Q1 Earnings & Revenues Top Estimates, Rise Y/Y
Zacks Investment Research | May 05, 2019 11:35PM ET
Kirby Corporation’s (NYSE:KEX) first-quarter 2019 adjusted earnings of 74 cents per share surpassed the Zacks Consensus Estimate of 72 cents. The bottom line also improved year over year. Results were aided by higher revenues.
Moreover, total revenues of $745 million outpaced the Zacks Consensus Estimate of $722 million and rose marginally year over year as well. The top line was driven by increased sales at the marine transportation division.
Segmental Performance
Revenues at the marine transportation unit inched up 8.1% to $368.12 million. Segmental operating income skyrocketed more than 100% to $35.4 million. Segmental operating margin expanded to 9.6% from 4.8% a year ago.
Inland market revenues increased approximately 12% year over year owing to contributions from last year’s acquisitions and a favorable pricing. The operating margin for the inland business was in the low to mid-double digits.
Revenues at the coastal market decreased slightly on a year-on-year basis due to increased shipyard days on a number of large vessels and effects from bad weather conditions on the Gulf Coast. However, the coastal operating loss reduced year over year on account of better pricing and lower costs implemented last year.
Kirby Corporation Price, Consensus and EPS Surprise
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