KEX - Kirby sinks after CEO warns of 'flattish' Q4; Q3 swings to profit

Kirby Corp. ( NYSE: KEX ) turns sharply lower after a positive open Monday, after CEO David Grzebinski warned of a "flattish" Q4 because of foggy weather and low water, as reported by Bloomberg.

In Kirby's ( KEX ) earnings conference call , the CEO also said that while the company has repriced some contracts in the marine business, pricing will not roll through until about January.

Kirby's Q3 net income swung to a profit of $39.1M, or $0.65/share, from a year-earlier net loss of $264.7M, or $4.41/share, adjusted EBITDA improved to $113M from $79.5M a year ago, and revenues rose 25% Y/Y to $745M.

"Barring further cost inflation, rising fuel costs and further disruption from low water, the company expects near term operating margins to be in the low to mid-teens as we move into 2023," Kirby ( KEX ) said.

Kirby's ( KEX ) stock price return shows an 11% gain YTD and a 17% increase during the past year .

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