Welcome to our dedicated page for Kirby news (Ticker: KEX), a resource for investors and traders seeking the latest updates and insights on Kirby stock.
Kirby Corporation reports news on its marine transportation and distribution and services businesses. The company operates tank barges and towing vessels that move bulk liquid products across U.S. inland waterways and coastal markets, with updates commonly addressing utilization, pricing, margins, fleet acquisitions and operating conditions in inland and coastal marine transportation.
Kirby’s announcements also cover aftermarket service and replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. Recurring company developments include quarterly results, earnings outlooks, power generation demand, debt and capital allocation, share repurchase activity and board governance changes.
Kirby Corporation (NYSE: KEX) announced that its subsidiary, Stewart & Stevenson Healthcare Technologies, received emergency use authorization from the FDA for the Apollo ABVM device during the COVID-19 pandemic. This device is designed for patients requiring mechanical ventilation in emergency situations when traditional ventilators are unavailable. The device can operate a common bag valve mask and is set for high-volume production, with manufacturing facilities located in Oklahoma City and Houston. This authorization marks a significant milestone for the Apollo ABVM program.
Kirby Corporation (NYSE: KEX) will release its 2020 Q2 earnings on July 30, 2020, at 6:00 a.m. CDT, followed by a conference call at 7:30 a.m. CDT. Investors can access the call via Kirby's website or by dialing 866-691-5839 in the U.S. The conference ID is 5595145. A replay will be available for one year post-call. Kirby is the largest domestic tank barge operator in the U.S., specializing in the transportation of bulk liquids, including petrochemicals and refined petroleum products, as well as offering aftermarket services and equipment rentals.
Kirby Corporation (KEX) reported a significant net loss of $248.5 million, translating to a loss of $4.15 per share for Q1 2020, compared to a profit of $44.3 million or $0.74 per share in Q1 2019. Excluding one-time items, earnings per share stood at $0.59. Revenue decreased to $643.9 million from $744.6 million year-over-year, with marine transportation revenues up to $403.3 million, while distribution and services revenue fell sharply to $240.7 million. The company has withdrawn its full-year earnings guidance due to the pandemic and is taking steps to reduce costs and preserve liquidity.