Kirby Corp. ( NYSE: KEX ) +2.1% pre-market Monday after saying it concluded a review of strategic alternatives and decided to continue its strategic plan for the Marine Transportation and Distribution and Services businesses, believing it is the best path for maximizing shareholder value.
While the M&A market is "constrained by macroeconomic headwinds, including a challenging financing environment," the company said its bard and management "remain open to reviewing any and all opportunities that may maximize value for shareholders."
Kirby ( KEX ) said favorable conditions for inland marine transportation and oil and gas markets will support continued growth in demand for its products and services, while demand for its new products, especially for its environmentally friendly pressure pumping and e-frac power generation equipment, will remain strong with a growing backlog of new orders and increased deliveries of new equipment into 2023.
Kirby ( KEX ) CEO David Grzebinski warned in late October of a "flattish" Q4 because of foggy weather and low water .
For further details see:
Kirby to continue strategic plan for marine transport, distribution units