Kirby Corporation (KEX) Lowers Q4, FY Outlook

Kirby Corporation (NYSE: KEX) announced today that it expects 2014 fourth quarter net earnings to be in the $1.10 to $1.20 per share range, below Kirby's previously announced earnings guidance range of $1.30 to $1.40 per share. For the full year, Kirby is revising 2014 guidance to $4.84 to $4.94 per share, below previously announced guidance of $5.04 to $5.14.

The Q4 consensus is $1.35 and the full year consensus is $5.11.

David Grzebinski, Kirby's President and Chief Executive Officer, commented, "Our fourth quarter performance to date has been disappointing relative to our earlier expectations. The majority of the change in our earnings guidance is a result of changes in our land-based diesel engine services market. Our production ramp up in that market has not gone as well as expected and demand across our product and service portfolio is being impacted by the sharp decline in crude oil prices which have led to customer cancellations and requests to delay delivery of projects. Customers have recently begun to reduce their capital spending plans in light of the decline in oil prices and we expect this to continue into 2015. We continue to monitor market conditions and will provide 2015 guidance during our fourth quarter earnings conference call."

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