Kirby reported higher quarterly earnings on October 28 and disclosed an agreement to buy $115 million in inland marine assets, according to its results release.
Net earnings attributable to the company reached $110.8 million, or $2.09 per share, for the quarter ended September 30. A year earlier, earnings were $92.5 million, or $1.65 per share.
Revenue increased to $977.2 million from $871.2 million. Marine transportation revenue rose 17% to $568.7 million, while distribution and services revenue increased 6% to $408.5 million.
Kirby cited strong barge utilization and favorable pricing, alongside higher fuel costs that weighed on margins. Its services business benefited from demand for backup and on-site power generation.
The asset agreement, signed during the third quarter, covers nine towboats, 14 tank barges, nine bow thrusters and a Rockport, Texas, fleeting operation serving Corpus Christi. Kirby expects the transaction to close in the fourth quarter, subject to conditions.
The company also reported $112 million in quarterly share repurchases and updated its annual earnings-per-share growth forecast to 10%–15%.
The acquisition is pending, and the earnings outlook remains a projection.
Sources: Kirby third-quarter results release.