Kirby Corporation (KEX) has reported a 27.86 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $27.48 million, or $0.51 a share in the quarter, compared with $38.10 million, or $0.71 a share for the same period last year.
Revenue during the quarter grew 7.19 percent to $491.70 million from $458.73 million in the previous year period. Gross margin for the quarter contracted 724 basis points over the previous year period to 29.78 percent. Total expenses were 90.73 percent of quarterly revenues, up from 85.74 percent for the same period last year. That has resulted in a contraction of 499 basis points in operating margin to 9.27 percent.
Operating income for the quarter was $45.57 million, compared with $65.40 million in the previous year period.
David Grzebinski, Kirby's President and Chief Executive Officer, commented, "Our first quarter results were in line with our expectations. In our inland marine transportation market, barge utilization was in the high 80% to low 90% range for the quarter. Utilization was affected by operating restrictions caused by poor, but seasonally normal weather conditions, and stronger utilization in our black oil fleet primarily as a result of turnarounds and seasonal factors affecting the U.S. Gulf Coast refining complex."
For the financial year, the company projects diluted earnings per share to be in the range of $1.70 to $2.20
For the second-quarter, the company projects diluted earnings per share to be in the range of $0.40 to $0.55 .
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