Kirby Q3 Profit Rises, But Misses View; Again Lifts 2014 Earnings Outlook

(RTTNews) - Kirby Corp. (KEX) reported third-quarter net earnings attributable to the company of $76.72 million or $1.34 per share, up from $69.12 million or $1.21 per share in the year-ago period, which included a $0.08 per share benefit due to the reduction of the United earnout liability.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings per share of $1.36 for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues for the quarter increased 24 percent to $680.72 million from $551.11 million in the year-ago period. Analysts expected revenue of $632.08 million for the quarter.

Looking ahead, the company forecasts fourth-quarter earnings per share in a range of $1.30 to $1.40, compared with $1.13 per share in the year-ago period. Analysts expect the company to report earnings of $1.33 per share for the quarter.

For fiscal 2014, the company once again raised its earnings guidance to a range of $5.04 to $5.14 per share from the prior range of $4.90 to $5.10 per share. Analysts expect the company to report full year 2014 earnings per share of $5.11.