![]() Inland operations experienced materially reduced customer activity and increased delays as a result of Winter Storm Uri. In the inland market, average barge utilization was in the mid-70% range during the quarter. Operating margin for the 2021 first quarter was 0.6% compared with 12.6% for the 2020 first quarter. Operating income for the 2021 first quarter was $1.9 million compared with $50.7 million for the 2020 first quarter. Marine transportation revenues for the 2021 first quarter were $301.0 million compared with $403.3 million for the 2020 first quarter. Grzebinski concluded.įirst Quarter 2021 Segment Results – Marine Transportation However, reduced deliveries of Thermo King refrigeration equipment as a result of supply chain issues, and lower new marine engine sales resulted in a sequential reduction in commercial and industrial revenues during the quarter.” Mr. In commercial and industrial, we benefited from continued improvements in economic activity which resulted in increased activity in our on-highway, power generation, and marine repair businesses. Also, our manufacturing business sequentially increased its sales of new environmentally friendly and remanufactured pressure pumping equipment. frac activity contributed to higher demand and new orders for transmissions, parts, and service when compared to the 2020 fourth quarter. “In distribution and services, overall activity levels continued to improve during the first quarter resulting in a sequential increase in revenue and operating income. When combined with the impact of lower pricing, seasonal winter weather, and high-water conditions on the Mississippi River, inland operating margins sharply declined. ![]() Overall, these disruptions significantly reduced our volumes and operating efficiencies during the quarter. During this time, refinery utilization along the Gulf Coast plummeted to near 40%, and as much as 80% of the Gulf Coast petrochemical complex was taken offline. However, as Winter Storm Uri impacted Texas and Louisiana, our customers were forced to close their refineries and chemical plants, many of which did not fully resume operations until late in the quarter. “In marine transportation, during the first half of the quarter, our inland business experienced steady improvement in demand which resulted in our barge utilization improving to near 80% by mid-February. Overall, we estimate that the winter storm reduced our first quarter earnings by approximately $0.09 per share. Distribution and services was also impacted by the storm with reduced activity levels and many of our locations across the South closed for several days. These disruptions resulted in a significant decline in liquids production and volumes for the quarter and in some cases extending into April. The quarter was also materially impacted by Winter Storm Uri which resulted in prolonged shutdowns at many of our marine transportation customers’ operations starting in mid-February. Consolidated revenues for the 2021 first quarter were $496.9 million compared with $643.9 million reported for the 2020 first quarter.ĭavid Grzebinski, Kirby’s President and Chief Executive Officer, commented, “As anticipated, Kirby’s first quarter results were greatly affected by the continuing effects of the COVID-19 pandemic, particularly in marine transportation where volumes and pricing have significantly declined. Excluding one-time items in the 2020 first quarter, net earnings attributable to Kirby were $35.3 million or $0.59 per share. HOUSTON, Ap(GLOBE NEWSWIRE) - Kirby Corporation (“Kirby” or the “Company”) (NYSE: KEX) today announced a net loss attributable to Kirby for the first quarter ended Maof ($3.4) million, or ($0.06) per share, compared with a loss of ($347.2) million or ($5.80) per share for the 2020 first quarter. Projected free cash flow estimated between $230 to $310 million in 2021 Inland marine barge utilization recently recovered to the low to mid-80% range with expectations for continued improvement, particularly in the second half of the yearĭistribution and services segment had sequential revenue growth and positive operating margin with expectations for continued improvement in the second quarter Inland marine business adversely impacted by low pricing, reduced volumes related to Winter Storm Uri, and poor operating conditions First quarter 2021 loss per share of ($0.06) including approximately ($0.09) per share impact related to Winter Storm Uri
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