Excess coastal barge capacity a headwind for Kirby, but inland petrochemical shipments healthy.
Narrow-moat Kirby increased third-quarter revenue 25% year over year due to the S&S acquisition. Total revenue wasn’t drastically far off our expectations, though admittedly coastal business came in weaker than we anticipated and there’s plenty of noise from the addition of S&S’ equipment distribution services. Kirby’s marine tank-barging operations are still grappling with anemic pricing conditions linked to oversupply, and it will take time for supply/demand to balance out.ÂOn the pos...
Kirby operates tank barge. The company's marine transportation segment provides marine transportation services, operating tank barges and towing vessels transporting bulk liquid products. The company transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. The company's distribution and services segment, sells genuine replacement parts, provides service mechanics to overhaul and repair engines, transmissions, reduction gears and related oilfield services equipment, rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway and other industrial applications.
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