RTTNews | Oct 29, 2020 11:12AM EDT

11:12 Thursday, October 29, 2020 (RTTNews.com) - Kirby Corp. (KEX), an operator of domestic tank barges, on Thursday reported third-quarter net earnings attributable to the company of $27.49 million or $0.46 per share, down from $47.99 million or $0.80 per share for the year-ago quarter.

Consolidated revenues for the quarter declined to $496.57 million from $668.81 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter on revenues of $543.79 million. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, Kirby said it expects its results to be impacted by continued low barge utilization and pricing pressure, normal seasonality from weather in marine, and possibly customer budget exhaustion in distribution and services. However, the company believes this demand-driven downturn is temporary and demand will rebound sometime in 2021.

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