Kirby Q1 Adj. Earnings Beat View; Withdraws FY20 Outlook - Quick Facts

(RTTNews) - Kirby Corp. (KEX), an operator of domestic tank barges, on Tuesday reported net loss attributable to the company for the first quarter of $248.5 million or $4.15 per share, compared with net income of $44.3 million or $0.74 per share for the year-ago quarter.

Excluding one-time items, adjusted net earnings for the quarter were $0.59 per share.

Consolidated revenues for the quarter declined to $643.9 million from $744.6 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter on revenues of $634.02 million. Analysts' estimates typically exclude special items.

Kirby said due to the COVID-19 crisis, it had to implement workforce reductions, furloughs, and also implement reduced work schedules in the distribution and services segment.

The company also said it is withdrawing its fiscal 2020 earnings guidance due to the COVID-19 situation.