Kirby up in busy Q2

Kirby Corp has posted a strong set of second quarter numbers in which it continued to grow its fleet.

Kirby booked a profit of $75.0m in the quarter, beating the $61.3m of a year ago.

Earnings per share of $1.31 edged ahead of Wall Street expectations, says Michael Webber of Wells Fargo.

David Grzebinski, Kirby's chief executive officer, said: "We were pleased with our second quarter results. During the second quarter, we experienced continued high utilization and strong demand in our marine transportation markets.

“In our land-based diesel engine services market, we saw further signs of improving industry fundamentals and strengthening demand for equipment and services in the oil and gas industry."

Kirby booked 30 new inland tank barges in the quarter and chalked up two 155,000 articulated tank barges, which are costing $125m to $130m.